How much did he spend each month during the two years

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Reference no: EM133269651

Question - There was a video on YouTuhe five years ago. It's about a young soldier helping his mother pay off mortgage by handing her a cheque of $50,000 after saying for two years. Suppose this soldier's total annual salary was $60,000 and the salary was paid monthly. He saved money by making monthly deposits into a saving account carrying an interest rate of 3% compounded monthly. How much did he spend each month during the two years?

Reference no: EM133269651

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