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Problem:

Monthly deposits are made into an account paying 6.8% nominal interest compounded monthly. If the objective of these deposits is to accumulate at least $95,000 by the end of the 5th yr,

Required:

Question: What is the smallest amount of each deposit that will accomplish that end?

Note: Please show how you came up with the solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164357

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