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20 POINTS!! How much should a mother invest at the time her son is born in order to provide him with $50,000 at age 21​? Assume that the interest is 6​% compounded annually.
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5 votes
20 POINTS!!

How much should a mother invest at the time her son is born in order to provide him with $50,000 at age 21​? Assume that the interest is 6​% compounded annually.

User Mjimcua
by
8.6k points

2 Answers

4 votes

Answer:

I just need the points

Explanation:

1. 1 times 1 is 1

User Houshalter
by
8.3k points
2 votes

Explanation:

x * 1.06^21 = 50,000

x * 3.3995636 = 50,000

x = 12,513.6524 --> $12,513.66

User Dmitriy Kozmenko
by
8.0k points
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