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The parents of a newborn decide to make deposits into an educational savings account on each of their daughter's birthdays, starting with her first birthday.

The parents of a newborn decide to make deposits into an educational savings account on each of their daughter's birthdays, starting with her first birthday. Assume that the educational savings account will return a constant 3.0% peryear. The parents plan to deposit $2,500 on every of their daughter's future birthdays. How much money could they alternatively deposit on their daughter's birth date (today) to have the same amount available on her 18th birthday?
Instructions: Round the result to two decimal places and do not put the "$" symbol in the answer box. For example if you get a result of $28,673.42137 then write
28,673.42 in the answer box below.

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