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It's November 2021 and you are planning to buy a new laptop in July 2022. You expect that the laptop will cost about $2,500 in
It's November 2021 and you are planning to buy a new laptop in July 2022. You expect that the laptop will cost about $2,500 in total. You want to start putting money aside now to save up for the laptop. Therefore, you decide to get a high-interest savings account and make weekly contributions (over a period of 32 weeks) to that account so that you reach your $2,500 savings goal by the time you want to buy the new laptop. The interest rate on your savings account is 0.2% per annum. How much money will you have to put in your savings account each week to reach your savings goal on time (rounded to two decimal places)? (Assume weekly compounding for simplicity.) O 75.00 78.08 O 78.12 O 77.66
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