How to compute sum of money into a savings account

Reference no: EM13201584

Suppose that in 30 years you want to accumulate a balance of $350,000. You deposit a sum of money into a savings account that earns an APR of 5.5% compounded monthly. Assume that no additional deposits are to be made to the account. You need to deposit a lump sum of $

Reference no: EM13201584

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