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23 November, 15:01

How much money should be deposited today in an account that earns 3 % compounded monthly so that it will accumulate to $13,000 in three years?

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  1. 23 November, 18:14
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    In 12 months multiple by 3% = $400. $400:36 months=11 payments So, if, you deposit an equally monthly payment of $361.12, in three years u should accumulate $13,000
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