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Jeremy is in Grade 8. He has a paper route and wants to save for his college education. He determines that he has $100 per month to put into an account at 6%/a compounded monthly. How much will he have at the end of five years for his college education?

  • Math -

    amount = payment [(1+i)^n - 1]/i
    where i = .06/12 = .005
    n = 5(12) = 60
    payment = 100

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