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October 20, 2014

October 20, 2014

Posted by **Sherri** on Sunday, January 29, 2012 at 7:46pm.

- Math -
**Reiny**, Sunday, January 29, 2012 at 9:23pmAssume we are dealing with compound interest and the interest is compounded monthly

i = .03/12 = .0025

let the monthly deposit be P

P(1.0025^60 - 1)/.0025 = 35000

..

..

P = 541.40

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