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How much money must be deposited in saving account each month to accumulate $25,000 at the...

How much money must be deposited in saving account each month to accumulate $25,000 at the end of 6 years , if the bank pays interest at the rate of 8% per year compounded Monthly? Quarterly ?

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Answer #1

In case monthly compounding, (P) Monthly Deposit in Saving Account would be $269.35

In case of quarterly compounding, (P) monthly deposit in Saving Account would be $822.268

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