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Kenneth needs $5000 for university in 5 years. His parents plan to invest some money in an account paying interest at a rate of 7.2%

Kenneth needs $5000 for university in 5 years. His parents plan to invest some money in an account paying interest at a rate of 7.2% per annum, compounded monthly. How much should they invest now to have $5000 in 5 years. Round your answer to two decimal places. options: $2490.25 $2500.00 $3492.14 $3755.24

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