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15 June, 11:11

Jenny wants to give her 14-year-old daughter $20,000 when she turns 18. How much does she need to put in the bank now if the interest rate is 10 percent per year?

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  1. 15 June, 11:26
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    let's suppose it's her birthday (in a few days)

    Considering the interest rate by the end of the period she would have to had gathered 18 000 in the account which represents whatever g sum she has put together in the first 3 years + 10%of that sum+what she has to add in the forth year and so on so she can deposit the sum she's got so far
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