Rebecca saved $1000 from her summer job and bought a CSB earning 3.75%, compounded monthly. She started an after school job in September and wants to have $2000 by next summer so she can go travelling. How much does she need to save from her pay every month for 10 months if she can deposit the money in an account earning 2%, compounded monthly?
Rebecca saved $1000 from her summer job and bought a CSB earning 3.75%, compounded monthly. She started an after school job in September and wants to have $2000 by next summer so she can go travelling. How much does she need to save from her pay every month for 10 months if she can deposit the money in an account earning 2%, compounded monthly?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 13PROB
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Transcribed Image Text:4. Rebecca saved $1000 from her summer job and bought a CSB carning 3.75%, compounded
monthly. She started an after school job in September and wants to have $2000 by next summer so
she can go travelling. How much does she need to save from her pay every month for 10 months if
she can deposit the money in an account earning 2%, compounded monthly?
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