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You deposit 1,000 USD to a savings account each quarter to finance your 10 year old kids education expenses. Interest rate is 12%. How much

You deposit 1,000 USD to a savings account each quarter to finance your 10 year old kids education expenses. Interest rate is 12%. How much money you will save? At the age of 16 years? At the age of 20 years Hint: You must change nominal annual rate of 12% to a quarter basis. Then apply FVIFA. Do not forget that in quarter basis, number of periods will be 10 years * 4 = 40 periods.

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