Hequot;s decided to plan ahead and invest some money in an account for his new grandchildquot;s college education in 18 years. Hequot;s invested…

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He”s decided to plan ahead and invest some money in an account for his new grandchild”s college education in 18 years. He”s invested $5,000 in an account that pays 6% per year compounded quarterly. He plans to leave this investment in this account for 18 years. How much money will his grandchild have towards his/her college education in 18 years? Example: Tyrone invested a sum of money 5 years ago in an account that paid 4.75% per year compounded quarterly. He recently closed the account and received $11,671.00. How much did he originally invest in this account?

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