On November 1, you decide that in exactly two years you will take a cruise that costs
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Question:
On November 1, you decide that in exactly two years you will take a cruise that costs $11,211. How much should you deposit each month into your vacation fund in order to have $11,211 in two years to pay for the trip? Assume an annual interest rate of 1.3% compounded monthly. (Assume that the deposits are made at the end of each compounding period.) The amount that should be deposited is s Round up to the nearest cent.)
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