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Stewart is saving for a holiday. He deposits a fixed amount every quarter in a bank account with an EAR of 8%. If this account
Stewart is saving for a holiday. He deposits a fixed amount every quarter in a bank account with an EAR of 8%. If this account pays interest every month then how much should he save from each quarterly paycheck in order to have $25,000 in the account in five years' time? show formula
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