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Suppose someone wants to accumulate $70,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person

Suppose someone wants to accumulate $70,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same.

The person deposits $55 per month into an account with an APR of 5%.

Will the person meet the goal?

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