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Compute how long will take to save interest rate compounded

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Reference no: EM132575622

Question 1: Use the Savings Calculator at Bankrate.com to compute how long it will take you to save $250,000 at a 5% interest rate compounded monthly if the initial balance is $5,000 with a monthly deposit of $200. (Hint: Enter the estimated number of years needed and adjust it based on your calculations). What kind of changes in your saving plan would help you accumulate this amount faster?

Reference no: EM132575622

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