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If You Want to Have $1,200 in 27 Months, How

Question 12

Multiple Choice

If you want to have $1,200 in 27 months, how much money must you put in a savings account today? Assume that the savings account pays 14% and it is compounded monthly (round to the nearest $10) .


A) $910
B) $890
C) $880
D) $860

Correct Answer:

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