Your Bank Account Pays Monthly Interest with an EAR of 10%.You

question 78

Multiple Choice

Your bank account pays monthly interest with an EAR of 10%.You are planning to buy a house in 10 years,and you wish to save $100,000 for the down payment.If you currently have no money in your account,how much will you need to save at the end of each month?

• A)$833.33
• B)$500.35
• C)$488.17
• D)$9646.39
• E)$475.13

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