[Solved] Bob and Mary want to make a lump-sum inve

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Bob and Mary want to make a lump-sum investment for their newborns college education, and their goal is to accumulate $112,000 in 18 years. What

Bob and Mary want to make a lump-sum investment for their newborns college education, and their goal is to accumulate $112,000 in 18 years. What is the amount they must invest today to reach their goal if the annual rate of return is 11%?

Round the answer to two decimal places.

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