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Exercise 10

Avg difficulty 2.5

Lashonda already knows that she wants $500,000 when she retires. If she sets up a saving plan for 40 years in an account paying 10% APR, compounded quarterly, how much should she deposit each quarter?

Lee et al., Math in Society, §2.3 Savings Plans, Exercise 10

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Adapted from Math in Society © 2018–2024 Portland Community College Math Instructors. Licensed under CC BY-SA 4.0. Source: Math in Society. Imported at revision 68ee43c.