Multiple Choice
You plan to buy a car in one year. It will cost $15,000 at that time. You now have $5,000 in a bank that pays 12% compounded monthly. You will save for the car by making monthly deposits in the bank for the next 12 months. How much will you have to deposit each month to have enough money in total to make the purchase?
A) $738.50
B) $835.18
C) $769.43
D) $682.80
Correct Answer:
Verified
Correct Answer:
Verified
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