How much should her monthly deposits be

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Question: (Compounding) Maria wants to sponsor her son for high school. She plans to withdraw $2,000 at the beginning of each year for 10 years, from a special account that will pay 12 percent annually. In order to achieve this, Maria is going to make 36 equal end-ofmonth deposits in this same special account, which will pay 12 percent annually. How much will Maria need after 10 years and how much should her monthly deposits be?

Reference no: EM131488096

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