How much money must each of them deposit monthly

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Reference no: EM132031460

Toni and Tim both want to have $500,000 in 25 years time. Toni will make monthly deposits at the beginning of each month and Tim will make monthly deposits at the end of each month.

If they earn 7.5% on their savings how much money must each of them deposit monthly in order to reach the goal? The savings rate is compounded monthly.

Reference no: EM132031460

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