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A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order

A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have$40,000when the child reaches the age of 18? Assume the money earns4%interest, compounded monthly. (Round your answer to two decimal places.)

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