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Saving account each months to have enough money to buy car

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Mark want to buy a car in 15 months, when he graduates. He estimates the car he wants will cost $ 12 500. Marks has just invested $7500 in a GIC earning 4% compounded quarterly. He also has saving account that earns 2.45%, compounded monthly. How much should he deposit in his saving account each months to have enough money to buy the car? Show work.

Reference no: EM133302310

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