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Barry wishes to save $5,000 for a holiday in 2 years time. Twenty-four equal monthly deposits will be made into an account, the first deposit

Barry wishes to save $5,000 for a holiday in 2 years time. Twenty-four equal monthly deposits will be made into an account, the first deposit being made immediately. The account earns interest at 7% p.a. compounding monthly. What is the size of his monthly deposit?

Select one:

a. $193.57

b. $192.41

c. $191.28

d. $190.01

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