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Lin and Sam started a savings account for their daughter on her first birthday (i.e., their first deposit was at the end of year 1).
Lin and Sam started a savings account for their daughter on her first birthday (i.e., their first deposit was at the end of year 1). They have been saving $8,000 at the end of each year at an interest rate of 8.5% and intend on keeping up with their annual contribution to the fund until she is 21. What will the value of the investment be when she is 21?
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$427,912
$380,420
$168,000
$77,149
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