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You would like to save $20,000 for the down payment on your house. If you can earn 5% on your money compounded monthly for a

You would like to save $20,000 for the down payment on your house. If you can earn 5% on your money compounded monthly for a period of five years, how much should you save each month? a. $377 b. $294 c. $282 d. $287

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