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A parent decides to make an investment on the day that their child is born. The goal of the investment is to provide $ 2

A parent decides to make an investment on the day that their

child is born. The goal of the investment is to provide $

25, 000

the child on the day of their

18

th birthday. If the average annual

interest rate is

3.25 %,

compounded monthly, how much will the

parent have to invest on the day their child is born? Record your

answer to the nearest dollar.

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