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his is a continuation of the last problem. We restate it here:
You would like to have
$
20
,
000
to use a down payment for a home in five years by making regular, end-of-month deposits in an annuity that pays
6
%
interest compounded monthly.
How much of the
$
20
,
000
down payment comes from interest earned?
Round your answer to the nearest cent.
Sagot :
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