Multiple Choice
Jiayi would like to save for a car that will cost her $20,000 in five years. If the current interest rate is 6% per month, how much will she need to set aside, assuming monthly compounding (assume Jiayi does not add any more money after today) ?
A) $18,867.92
B) $314.47
C) $606.29
D) $333.33
Correct Answer:
Verified
Correct Answer:
Verified
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