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How much will Clem have saved in two years

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Question - Clem is saving for a car in a bank account that pays 12 percent interest. compounded monthly. The balance is now $2600. Clem will be saving $110 per month from his salary, and once every four months (starting in four months), he adds $200 in dividends from an investment. Bank fees, currently $10 per month, are expected to increase by $2 per month, henceforth. How much will Clem have saved in two years?

Reference no: EM133143335

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