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Determining the annual rate of interest

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Suppose you are an investor and is considering depositing $20,000 initially and making monthly contributions of $250 per month, the first contribution will be one month from today into investment. If the investor wants to have a future value of $50,000, what will be the annual rate of interest if he wishes to have this amount in 5 years? Assume interest is compounded monthly

Reference no: EM132785464

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