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Raymond wants to save the college tuition fees his child will need in ten years by starting with a deposit of $7,500 today and depositing

Raymond wants to save the college tuition fees his child will need in ten years by starting with a deposit of $7,500 today and depositing another $200 at the beginning of each month. How much will Raymond have in ten years if he gets a rate of return of 4% per annum?

a. $37,201

b. $39,057

c. $40,537

d. $40,441

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