samiaross1998 samiaross1998

07-11-2016
Mathematics

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How much money should be deposited today in an account that earns 3 % compounded monthly so that it will accumulate to $13,000 in three years?

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hshcandles hshcandles

07-11-2016

In 12 months multiple by 3%= $400. $400÷36 months=11 payments So,if,you deposit an equally monthly payment of $361.12, in three years u should accumulate $13,000

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