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How much money will we need to deposit quarter

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Suppose we put a $6000 inheritance into a savings account that pays us compound interest with QUARTERLY compounding at a rate of 6% APR. We set a goal of saving up money for the next six years for a car, a vacation, or for a down payment for a house. We set our total savings goal to be $20,317 or within one dollar of this.

How much money will we need to deposit (i.e. save) each quarter in order to meet our savings goal?

Reference no: EM133198478

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