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Sharon convinces Dante that because school is both very expensive and very important, they should consider an investment account with a higher rate of return.
Sharon convinces Dante that because school is both very expensive and very important, they should consider an investment account with a higher rate of return. They explored their options and have selected a very conservative index mutual fund that has a performed with a return of 4.5%, compounded monthly.
How much will they have saved by their childs 18th birthday now that they have increased their payments?
How much interest will be earned?
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