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(Solution) - Sixty monthly deposits are made into an account paying 6

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Sixty monthly deposits are made into an account paying 6% nominal interest compounded monthly. If the objective of these deposits is to accumulate $100,000 by the end of the fifth year, what is the amount of each deposit?
(a) $1,930
(b) $1,478
(c) $1,667
(d) $1,430
(e) $1,695


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This question was answered on: Jul 11, 2017

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