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Do it in Excel! ( 5 marks ) You have just become the happy parent of a new child. You wish to provide an education
Do it in Excel! marks
You have just become the happy parent of a new child. You wish to provide an education fund
totalling $ by the time the child will be years old by putting a fixed amount into this fund
every year, beginning at birth and ending with a deposit on their eighteenth birthday.
a How much should you put into this fund every year if the interest rate is per year?
marks
b If a substantial inheritance allows you to deposit $ into the account today, how much will
need to be deposited annually to ensure the goal is reached? marks
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