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Pat and Leslie have a 6 month old baby. Pat just received an inheritance of $24,000 from her grandfather. The couple has decided to invest

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Pat and Leslie have a 6 month old baby. Pat just received an inheritance of $24,000 from her grandfather. The couple has decided to invest the money in a college fund for their child. They are wary of the stock market and have opted instead for a high yield savings account offering a 3.83% interest rate that is compounded monthly. A) If they invest the $24,000 in this savings account and do not touch it for 18 years, how much will be in the account? Round the answer to the nearest dollar amount. Amount = B) If, instead, they use the $24,000 to update their kitchen, and decide instead to contribute $200 per month to an account paying 2.65%, how much will be in the account after 18 years? Round the answer to the nearest dollar amount. Amount = C) Based only on the amount of money in the account after 18 years, which decision, A or B, is the better choice? Better choice =

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