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What interest rate would they need to accumulate

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Reference no: EM132059961

A couple wants to have $40,000 in 5 years for a down payment on a new house. How much should they deposit today at 6.4%, interest compounded monthly, to have the required amount in 5 years? Suppose they can deposit $20,000 now in an account that pays interest continuously. What interest rate would they need to accumulate the entire $40,000 in 5 years?

Reference no: EM132059961

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