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The parents of a twelve-year-old boy want to make quarterly payments into a college savings fund. If they want to have $39,866 saved in six
The parents of a twelve-year-old boy want to make quarterly payments into a college savings fund. If they want to have $39,866 saved in six years and are paying into an account that returns 3.5% annual interest compounded quarterly, how much should each quarterly payment be, assuming each payment is made at the end of each quarter? Select one: O a. $1167 O b. $1054 c. $1500 d. $1200
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