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Mathematics 8 Online
OpenStudy (anonymous):

Solve the problem. Round to the nearest cent. You intend to create a college fund for your baby. If you can get an interest rate of 5.3% compounded monthly and want the fund to have a value of $123,875 after 17 years, how much should you deposit each month? A. $375.46 B. $413.01 C. $319.14 D. $7032.70

OpenStudy (anonymous):

well remember the formula of compound interest is principal(rate+1)^time

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