A couple just had a baby. How much should they invest now at 5.6% compounded daily in order to have $40,000 for the child's education 17 years from now? Compute the answer to the nearest dollar. (Assume a 365-day year.)

Q: amount of $50,000 is borrowed for 13 years at 4.5% interest, compounded annually. If the loan is…

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Q: $20,000 is invested at 3.5% interest compounded monthly. How long will it take for the investment to…

A: Given:Principal amount (P) = $20,000Final amount (A) = double the principal amountInterest rate (r)…

Q: At age twenty six , Dick shoemaker desposited 2,000 into an IRA , where it earns 3% compounded…

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Q: If $7,000 is invested at 3% compounded quarterly, what is the amount after 5 years? The amount after…

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Q: If you invest $3000 at 5% compounded quarterly, how long will it take the account to double in time?…

A: P=3000,  r=5%=0.05,  n=4

Q: A $4536 loan was repaid with $5978. If interest was 4.8% compounded semi-annually, for how many…

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