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Formula: A=M((1+r)^t-1/r)+P(1+r)^t where A is the final amount after t months. P is the principal (initial deposit), M is the recurring monthly deposit, and r
Formula: A=M((1+r)^t-1/r)+P(1+r)^t where A is the final amount after t months. P is the principal (initial deposit), M is the recurring monthly deposit, and r is the monthly rate of return. How much additional money do you need to deposit each month for the account balance to reach the down payment goal in 5 years? Round your answer to the nearest dollar. A=118330 ,P= 10,000 , and R=0.00125
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