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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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