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Assume the total expense for your current year in college equals $20,000. How much would your parents have needed to invest 21 years ago in

Assume the total expense for your current year in college equals $20,000. How much would your parents have needed to invest 21 years ago in an account paying 8% compounded semi-annually to cover this amount?

a.

$3,973.11

b.

$952.46

c.

$1,600.00

d.

$3,851.50

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