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Posted on Jul 31, 2024

You wish to save $ 1 5 0 , 0 0 0 for a new car. You are going to make $ 5 0 0

You wish to save $

150, 000

for a new car. You are going to make $

5000

deposits at the end of each month. If the bank pays

3 %

compounded monthly, then how many full deposits are needed and what is the amount of the smaller concluding deposit at the end of the next month?

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