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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 peryear. The parents plan to deposit $ 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 th 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 $ then write
in the answer box below.
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