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Please help me with this question! After the first child is born, a couple decides to open an educational account to save for college funding.
Please help me with this question!
After the first child is born, a couple decides to open an educational account to save for college funding. On the market it is said some mutual funds can achieve 10% APR long-term performance. Thus the couple starts saving $5,000 each year (EOY, end-of-year, deposit) and places in the selected portfolios (earning 10% interest). Finally the couple gives the child the savings passport on the 18th birthday after the 18th $5,000 deposit. How much will be there in the account? Please show steps, thank you!
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