In order to save enough money for the down payment on a condominium, a young couple deposits
Question:
In order to save enough money for the down payment on a condominium, a young couple deposits $200 each month into an account that pays 7.02% interest compounded monthly. If the couple needs $10,000 for a down payment, how many deposits will the couple have to make?
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Step by Step Answer:
Using the sinking fund formula PMTFV i 1i 1 00702 12 with PM...View the full answer
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Related Book For 
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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