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You plan to deposit $740 at the end of each year into an education savings accou...
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You plan to deposit $740 at the end of each year into an education savings account that earns an annual interest rate of 7.12%. The first deposit will be made one year from today, and you intend to continue these deposits for 12 years. At the end of the twelfth year, you plan to use the accumulated amount to support your younger cousin’s education. What is the present value of your planned contributions? The answer is closest to:
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