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How much should you deposit every month to reach your goal

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Question - You need to accumulate Br. 25,000 to acquire a car. To do so, you plan to make equal monthly deposits for 5 years. The first payment is made a month from to day, in a bank account which pays 12 percent interest, compounded monthly. How much should you deposit every month to reach your goal?

Reference no: EM133041936

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