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business math

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13. Bob and Joy Salkind want to save $50,000 in 5 ½ years for home improvement projects. If the Bank of Aventura is paying 8% interest compounded quarterly, how much must the couple deposit now to have the money for the projects?

  • business math -

    x(1.02)^22 = 50000
    x = 32341.95

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