Thursday, November 24, 2011

How much money will the student have to save each month?

A graduating high school student decides to take a year off and work to save money for college. The student plans to invest all money earned in a savings account earning 6% interest, compounded quarterly. The student hopes to have $5000 by the time school starts in 12 months. How much money will the student have to save each month?|||$407.41

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