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

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