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Calculate the payments you will have to make each month

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Question 1: You plan to take a trip around the world in five (5) years and predict you will need $50,000 for all anticipated costs. You do not have any current savings but your bank has offered you 3% p.a. compounded monthly on future savings. Assuming you have five (5) full years to reach your goal, calculate the payments you will have to make each month to save the target amount of $50,000.

Reference no: EM132496425

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