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6.6 Exercise 11

Avg difficulty 2.5

When Yusef was born, Rita and George began to save for Yusef’s college years by investing $2,500 each year in a savings account bearing 3.4% interest compounded annually. How much will they have saved after 18 years?

OpenStax Contemporary Mathematics, 6.6 Methods of Savings, exercise 11

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.