Multiple Choice
Your bank account pays monthly interest with an EAR of 10%.You are planning to buy a house in 10 years,and you wish to save $100,000 for the down payment.If you currently have no money in your account,how much will you need to save at the end of each month?
A) $833.33
B) $500.35
C) $488.17
D) $9646.39
E) $475.13
Correct Answer:
Verified
Correct Answer:
Verified
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