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What is the amount will have to save every year to reach

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Reference no: EM132920587

Problem 1: Mike White is planning to save up for a trip to Europe in 3 years. He will need $ 10,000 when he is ready to make the trip . He plans to invest the same amount at the end of each of the next 3 years in an account paying 6 per cent annually. What is the amount he will have to save every year to reach his goal of $ 10,000 in 3 years?

Reference no: EM132920587

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