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Problem 1- Saving Money You want to deposit money into a bank account that pays 1.5% compounded monthly. Answer the following questions: f depositing $4000,
Problem 1- Saving Money You want to deposit money into a bank account that pays 1.5% compounded monthly. Answer the following questions: f depositing $4000, how much is avaiable in the account at the end of S years? .How much do you have to deposit now in order to have $5000 available at the end of 5 years? Instead of depositing one sum of money at the beginning of the 5-year period, suppose you wish to make monthly payments. How much needs to be deposited at the end of each month in order to have $5000 available at the end of the 5 years? Also, how much interest is earned over the 5 years
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