Maria wants to sponsor her son for high school. She plans to withdraw $2,000 at the beginning

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Maria wants to sponsor her son for high school. She plans to withdraw $2,000 at the beginning of each year for 10 years, from a special account that will pay 12 percent annually. In order to achieve this, Maria is going to make 36 equal end-of month deposits in this same special account, which will pay 12 percent annually. How much will Maria need after 10 years and how much should her monthly deposits be?

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Foundations Of Finance

ISBN: 9781292155135

9th Global Edition

Authors: Arthur J. Keown, John D. Martin, J. William Petty

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