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Business, 12.05.2021 07:40 amflet19

Mr. Khalil is planning ahead for his son's education. He's eight years old now and will start college in 10 years for which Mr. Khalil will require $45,000 in 10 years. - How much will he have to set aside today if the annual interest rate is 6% and bank compounds it semi-annually?
- How much will he have to set aside today at the same rate, if the bank does a monthly compounding?
- Explain the difference in your answers above.

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