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02-03-2024
Mathematics

Answered

James deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $80,000 in 18 years. Assuming an APR of 3.5% compounded quarterly, how much of the $80,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.

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