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Solve the Problem 7%7 \% Annual Interest Rate, Compounded Monthly, in Order for Them to for Their

Question 90

Multiple Choice

Solve the problem.
-Mark and Kate are establishing a fund for their son's college education. What lump sum must they deposit in an account that gives 7%7 \% annual interest rate, compounded monthly, in order for them to have $70,000\$ 70,000 in the fund at the end of 10 years?


A) $34,831.74\$ 34,831.74
B) $37,151.74\$ 37,151.74
C) $39,407.74\$ 39,407.74
D) $36,131.74\$ 36,131.74

Correct Answer:

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