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Mark plans to purchase a new TV in 2 years. He needs to have $5000 for the purchase and plans to make deposits at the end of each month into an account that pays 4% interest, compounded monthly. What amount does he need to deposit in the account each month?

Question-AnswerCategory: MathematicsMark plans to purchase a new TV in 2 years. He needs to have $5000 for the purchase and plans to make deposits at the end of each month into an account that pays 4% interest, compounded monthly. What amount does he need to deposit in the account each month?
Kavita Kumari asked 8 months ago

Mark plans to purchase a new TV in 2 years. He needs to have $5000 for the purchase and plans to make deposits at the end of each month into an account that pays 4% interest, compounded monthly. What amount does he need to deposit in the account each month?

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