Cummings Schmidt
07/21/2023 · Elementary School

A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have \( \$ 41,000 \) when the child reaches the age of 18 ? Assume the money earns \( 7 \% \) interest, compounded quarterly. (Round your answer to two decimal places.) \( \$ \)

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The principal amount to be deposited is approximately \( \$11,750.43 \).

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