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Determine how much money should place in savings account

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Question 1: You plan to buy the house of your dreams in 8 years. You have estimated that the price of the house will be $68,489 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 12.08 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams? Round the answer to two decimal places.

Reference no: EM132543482

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