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How much money must be deposited in a savings account each quarter in order to accumulate $10,000 at the end of 3 years, if the bank pays interest at rate of 3% per year, compounded monthly?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 26P

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How much money must be deposited in a savings account each quarter in order to accumulate $10,000 at the end of 3 years, if the bank pays interest at rate of 3% per year, compounded monthly?

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