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How many months can the committee expect to continue

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A local university has a goal of raising $500,000 for an escrow account. Their fund-raising committee has committed to raising $5,000 a month until they reach their goal. These funds are deposited into an interest-bearing account that earns interest at the rate of 8 percent per year compounded monthly. The first deposit is made at the end of the current month.

Question 1: How many months can the committee expect to continue their fund-raising campaign?

Reference no: EM132459168

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