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math

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how much money must you deposit into an account that earns 3% monthly to have $1000 after 4 years

  • math -

    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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