How much would you have to deposit in the savings account

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Reference no: EM132061083

A local furniture store is advertising a deal in which you buy a $3,300 dining room set and do not need to pay for two years (no interest cost is incurred). How much money would you have to deposit now in a savings account earning 5 percent APR, compounded monthly, to pay the $3,300 bill in two years? How much would you have to deposit in the savings account each month to be able to pay the bill?

Reference no: EM132061083

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