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April 24, 2014

Homework Help: Finite Mathematics

Posted by Salvany on Monday, February 7, 2011 at 9:02pm.

Jessica wants to accumulate $14,000 by the end of 5 yr in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 5-yr period. If the bank pays interest at the rate of 7% per year compounded monthly, how much does she have to deposit each month into her account?

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