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You are saving money to buy a house. You will need $7,473.50 to make the down payment. If you can deposit $500 per month in

You are saving money to buy a house. You will need $7,473.50 to make the down payment. If you can deposit $500 per month in a savings account which pays 1% per month, how long will it take you to save the $7,473.50?

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