Howard is saving for a long holiday he deposits a fixed, Financial Management

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Howard is saving for a long holiday he deposits a fixed

Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of 12.7?%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $11,000 in the account in two ?years' time?

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Financial Management: Howard is saving for a long holiday he deposits a fixed

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Financial Management: Howard is saving for a long holiday he deposits a fixed

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