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July 30, 2015

Homework Help: Foundations Math 12

Posted by Leah on Tuesday, February 18, 2014 at 2:06am.

Mark wants to buy a car in 15 months, when he graduates. He estimates the car he wants will cost $12 500. Mark has just invested $7500 in a GIC earning 4% compounded quarterly. He also has a savings account that earns 2.45%, compounded monthly. How much should he deposit in his savings account each month to have enough money to buy the car?

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