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A local university has a goal of raising $500,000 for an escrow account.Their fund-raising committee has committed to raising $5,000 a month until they reach
A local university has a goal of raising $500,000 for an escrow account.Their fund-raising committee has committed to raising $5,000 a month until they reach their goal.These funds are deposited into an interest-bearing account that earns interest at the rate of 8 percent per year compounded monthly.The first deposit is made at the end of the current month.
How many months can the committee expect to continue their fund-raising campaign?
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