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posted by judy Thursday, January 10, 2013 at 4:57pm.
how much money must you deposit into an account that earns 3% monthly to have $1000 after 4 years
If that's compound interest, P(1+.03/12)^(12*4) = 1000 P = 887.05 If simple interest, P(1+4*.03) = 1000 P = 892.06
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