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How much money would you have to deposit now

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Question - A local furniture store is advertising a deal in which you buy a $6,000 living room set with three years before you need to make any payments (no interest cost is incurred).

How much money would you have to deposit now in a savings account earning 6 percent APR, compounded monthly, to pay the $6,000 bill in three years?

How much would you have to deposit in the savings account each month to be able to pay the bill?

Reference no: EM131697389

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