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Find the algebraic solution with maple

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Reference no: EM131407630

Suppose you wanted to have exactly $20000 in your savings account after 48 months at an annual interest rate of 8.25% compounded monthly and you made an initial deposit of $3300. What would your monthly savings have to be (how much would you have to deposit into the account each month) to achieve this goal? You may use trial-and-error in Excel or find the algebraic solution with Maple or by hand to obtain your answer.

Reference no: EM131407630

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