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Find how much must each deposit be

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Problem a) Jacob has just started work and he plans to save money to buy a Tesla Model Y. He plans to deposit a fixed amount every month into a bank account that pays 1.5% a year, compounded monthly. His first deposit will be made a month from now. How much must each deposit be, if he is going to buy the car in 5 years and the car will cost $55,000 then?

Reference no: EM132718017

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