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John wants to have a $40,000 net worth in five years. The monthly interest rate is 0.5% for any savings. Which of the following plan
John wants to have a $40,000 net worth in five years. The monthly interest rate is 0.5% for any savings. Which of the following plan can achieve the goal?
Question 5 options:
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Save $15,000 now and let it grow interest for five years.
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Save $573.31 per month for sixty months.
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Save $29,655 now and let it grow interest income for five years.
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Save $500 per month for sixty months.
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Deposit $10,000 now and save $380 per month for sixty months.
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