Karl Yates needs $5,000 to pay for the remodeling work on his house. A contractor agrees to do the work in 10 months. How much should Karl deposit at 6.3% in order to accumulate the $5,000 by that time? Karl should deposit $ (Round to the nearest cent.)
Karl Yates needs $5,000 to pay for the remodeling work on his house. A contractor agrees to do the work in 10 months. How much should Karl deposit at 6.3% in order to accumulate the $5,000 by that time? Karl should deposit $ (Round to the nearest cent.)
Chapter6: Business Expenses
Section: Chapter Questions
Problem 69P
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Transcribed Image Text:Karl Yates needs $5,000 to pay for the remodeling work on his house. A contractor agrees to do the work in 10
months. How much should Karl deposit at 6.3% in order to accumulate the $5,000 by that time?
Karl should deposit $.
(Round to the nearest cent.)
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