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Mathematics
Tutor: None Selected Time limit: 1 Day

How much would need to be saved each month into an account earning 6.5% annual if $20,000 is desired in 10 years? Assume the interest is compounded monthly.

May 7th, 2015

A=P(1+r/100)^n

A=20000

r=6.5/100=0.065

t=10

n=12

20000=P(1+0.065/12)^(10*12)

20000/(1.065)^120=P

P=20000/1914.0485

P=$10.45

May 7th, 2015

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