He expects to earn 8-compounded monthly-on his investments

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At the end of 8 years, your friend wants to have $50,000 saved for a down payment on a house. He expects to earn 8%-compounded monthly-on his investments over the next 8 years. How much would your friend have to put in his investment account each month to reach his goal?

(A) $188

(B) $374

(D) $521

Reference no: EM13391053

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