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In Order to Send Your Oldest Child to University When

question 30

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In order to send your oldest child to university when the time comes,you want to accumulate $40,000 at the end of 18 years.Assuming that your savings account will pay 6% compounded annually,how much would you have to deposit if:
a.you want to deposit an amount annually at the end of each year?
b.you want to deposit one large lump sum today?


Definitions:

Neurons

Specialized cells in the nervous system that transmit information to other nerve cells, muscle, or gland cells, functioning through electrical and chemical signals.

Infant's Brain

Refers to the early developmental stages of the brain in babies, characterized by rapid growth and formation of neural connections.

Cephalocaudal

A principle of growth and development where growth starts at the head and progresses downwards towards the feet.

Proximodistal

Developmental progression where growth starts at the center of the body and moves toward the extremities.

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