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The generous parents of a young child are planning ahead and they want to surprise their son on his 18 th birthday, which is when he will receive a gift for $2,500 to be withdrawn from a local bank.Both parents plan to make $835.00 as a one time initial deposit to an 8% per year intlarest-bearing account. In order for the child to collect $2500 at the age of 18 , how old must he be for the parents to open the account and deposit the initial money (keep it in the bank and let it grow with interest)?

Sagot :

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