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The parents of Mr. and Mrs. Smith have decided to give their newborn grandchild $225 at the start of each month for the next 18

The parents of Mr. and Mrs. Smith have decided to give their newborn grandchild $225 at the start of each month for the next 18 years to help pay for college. If the rate of return on their college investment is 8%,

how much money will their grandchild have for college?

How much money will they have saved if the $225 contributions start a the start of the month?

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