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Suppose you enter into a monthly deposit scheme with Chase, where you have your salary...

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Finance

Suppose you enter into a monthly deposit scheme with Chase, where you have your salary account. The bank will deduct $50 from your salary account in every month and the first payment (deduction) will be made one month from now. If you are planning to maintain the account for the next 3 years, how much money will you have when you close your account 3 years from now? Suppose the interest rate is 7%.

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