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January 31, 2015

January 31, 2015

Posted by **Cody** on Sunday, October 14, 2012 at 10:11pm.

I just need to know how to set it up. Please and thanks

- Math. easy? -
**Reiny**, Sunday, October 14, 2012 at 10:25pmlet the monthly rate be r

then 112(1+r)^12 = 121

(1+r)^12 = 1.080357..

take 12th root

1+r = 1.0064618

r = .0064618 --- monthly rate

BTW, I answered this question for somebody yesterday, perhaps it was you.

In that solution I missed the "monthly" part and took it as an annual rate

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