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30 August, 08:32

If I wish to have $60,000 in 4 years how much do I have to deposit in the bank if the account pays a fixed interest rate of 10% once a month which is compounded on a daily basis?

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  1. 30 August, 10:30
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    1,500

    60,000/4 = 15,000

    15,000 (0.10) = 1,500
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