document.write( "Question 1139387: Mark and Kate are establishing a fund for their son's college education. They would like $60,000 in the fund at the end of 10 years What lump sum must they deposit in an account that has an 8% annual interest rate and interest is compounded monthly? Round to the nearest cent \n" ); document.write( "

Algebra.Com's Answer #759855 by ikleyn(52847) $\"\"$ $\"About$

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document.write( "60000 =  = ,\r\n" );
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document.write( "where X is the unknown lump sum.\r\n" );
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document.write( "From the equation,\r\n" );
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document.write( "    X =  = $27031.41.     ANSWER\r\n" );
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