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How much should they deposit at the end of each month

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Question: COLLEGE SAVINGS PROGRAM The Blakes have decided to start a monthly savings program in order to provide for their son's college education. How much should they deposit at the end of each month in a savings account earning interest at the rate of 8%/year compounded monthly so that, at the end of the tenth year, the accumulated amount will be $40,000?

Reference no: EM131556897

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