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What lump sum do parents need to deposit in an account earning13%, compounded monthly, so that it will grow to $70,000for their son's college fund

  1. What lump sum do parents need to deposit in an account earning13%, compounded monthly, so that it will grow to $70,000for their son's college fund in10years? (Round your answer to the nearest cent.)
  2. How long (in years) would $600have to be invested at8%, compounded continuously, to amount to $970? (Round your answer to the nearest whole number.)

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