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Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of 8 %. If

Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of

8

%.

If this account pays interest every month then how much should he save from each monthly paycheck in order to have

$ 14 000

in the account in

four

years' time?

A.

$ 400

B.

$ 200

C.

$ 250

D.

$ 350

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