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You want to start saving for a new car and have decided to put $90 per month at the beginning of each month into an
You want to start saving for a new car and have decided to put $90 per month at the beginning of each month into an account which earns 6% compounded monthly. You would like to be able to buy a car for $25,000.
(a) How many deposits will you have to make to reach your $25,000 goal?
(b) How many years will that be?
Please indicate what you entered into your calculator to solve these problems.
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