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What amount must be set aside on a boy's seventh birthday, which will provide 24 quarterly payments of 3,500.00 for school expenses, if the first

What amount must be set aside on a boy's seventh birthday, which will provide 24 quarterly payments of 3,500.00 for school expenses, if the first payment is to be made on his 16th birthday? Assume that money is 10% compounded quarterly?

113,221.63

64,162.39

26,376.75

62,597.45

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