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How much should she deposit in here account

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Question - Matilda is saving for a holiday in two years' time. She currently has $2,000 in her bank account, which pays interest at 4.8% p.a. with monthly compounding. How much should she deposit in here account at the end of each month, for the next two years, if her holiday will cost $12,000?

a. $389.82

b. $477.38

c. $397.82

d. $398.90

e. None of the other answers is correct

Reference no: EM132603805

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