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You want to go to an archaeological dig in search of the lost ark. You must save a portion of your monthly take-home salary of
You want to go to an archaeological dig in search of the lost ark. You must save a portion of your monthly take-home salary of $2,000 for an undetermined amount of time. The cost of the expedition is $12,000 in cash and $1,000 at the end of each month for ten months. The investment rate of return is 12% annually compounded monthly. At a 50% of take-home salary savings rate how long will it take to save enough to go on the dig?
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