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SKU 04544

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1.At the end of 8 years, your friend wants to have $50,000 saved for a down payment on a house. He expects to earn 8%—compounded monthly—on his investments over the next 8 years. How much would your friend have to put in his investment account each month to reach his goal?

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(a)$188

(b)$374

(c)$392

(d)$521

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