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How much will they need to save

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Two SJSU grads are planning to marry in September 2021. They estimate that they will need $15,000 for the wedding and reception, and they have saved $8,000 so far. Their savings are in an account that pays annual percentage rate of 1.0%, compounded monthly.

How much will they need to save each month to reach their goal (17 months from now), if they start today?

Reference no: EM132494669

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