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9- A family starts an education fund for their son Patrick when he is 8 years old, investing $500 20 on his eighth birthday,

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Answer #1

Total no. of deposits = 21 - 8 + 1 = 14

Future worth = 500 * (F/A, 6%,14) + 500 * (F/G, 6%,14)

= 500 * 21.015066 + 500 * 116.917765

= 68966.42

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