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If two parents start a college fund when their child is born and they decide to...

If two parents start a college fund when their child is born and they decide to invest $200 each month that will pay 6.25% APR compounded monthly, how much money will be accumulated?

a) Suppose the annual cost of a college education right now is $5000. Assume a 2% inflation rate continues for the next 18 year. Will the parents have saved enough money for their child to go to college without receiving financial aid? Why/ Why not?

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