1. You deposit $1,000 at the end of each year for 8 years, in an...
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Finance
1. You deposit $1,000 at the end of each year for 8 years, in an account paying 5% compounded annually. How much will you have on deposit after 8 years?
2. You want to retire in twenty years. You deposit $200 at the start of each month in a retirement fund that pays 4% compounded monthly. If you will be doing this for twenty years, how much money will you have when you retire?
3. A car costs $25,000. After a down payment of $4,000, the balance will be paid off in 60 equal monthly payments with the interest of 6% per year on the unpaid balance. Find the amount of each payment.
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