If $700,000 is to be saved over 12 years, how much should be deposited monthly if the investment earns 9.75% interest compounded monthly? Round to the nearest cent. OA. $2,577.27 OB. $1,965.15 OC. $1,728.04 OD. $2,244.64

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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If $700,000 is to be saved over 12 years, how much should be deposited monthly if the investment earns 9.75% interest compounded monthly? Round to the nearest
cent.
O A. $2,577.27
B. $1,965.15
C. $1,728.04
D. $2,244.64
Transcribed Image Text:If $700,000 is to be saved over 12 years, how much should be deposited monthly if the investment earns 9.75% interest compounded monthly? Round to the nearest cent. O A. $2,577.27 B. $1,965.15 C. $1,728.04 D. $2,244.64
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