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Mark and Kate are establishing a fund for their son's college education. What lump sum must they deposit in an account that gives 7% annual

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Mark and Kate are establishing a fund for their son's college education. What lump sum must they deposit in an account that gives 7% annual interest rate, compounded monthly, in order for them to have $70,000 in the fund at the end of 10 years? A) $34, 831.74 B) $37, 151.74 C) $39, 407.74 D) $36, 131.74

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