Assuming the money grows at nominal annual interest rate

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You are planning to send your child to a summer camp in 9 months. The camp will cost you $1,200 at that time. You have decided to invest a lump sum of money now that will grow to $1,200 by the time it is needed. Assuming the money grows at a nominal annual interest rate of 12% compounded daily, how much money should you set aside now to have the funds available when needed?

Reference no: EM131245973

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