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If You Want to Have $875 in 32 Months, How

Question 20

Multiple Choice

If you want to have $875 in 32 months, how much money must you put in a savings account today? Assume that the savings account pays 16% and it is compounded monthly (round to the nearest $10) .


A) $630
B) $570
C) $650
D) $660

Correct Answer:

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