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Personal Finance
Saving and Investments
Compound Interest Calculation
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
1 answer
solve for P:
P(1+.08/4)^(4*5.5) = 50000
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