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How much money must you put into the investment today

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Reference no: EM132370416

You are saving up for a new phone that will cost $980 when it comes out in 9 months. You have identified a worthy investment that will yield 7%, compounded monthly. How much money must you put into the investment today in order to have enough to afford the new phone in 9 months?

Reference no: EM132370416

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