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Will provide positive feedback if answer is correct and readable. Thank you! What lump sum do parents need to deposit in an account earning 11%,

Will provide positive feedback if answer is correct and readable. Thank you!

What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it will grow to $80,000 for their son's college fund in 15 years? (Round your answer to the nearest cent.)

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