SOLUTION: 1.If you need $20000 six years from now, what is the minimum amount of money you need to deposit into a bank account that pays 3% annual interest COMPOUNDED? a) yearly b) monthly c

Question 1206608: 1.If you need $20000 six years from now, what is the minimum amount of money you need to deposit into a bank account that pays 3% annual interest COMPOUNDED? a) yearly b) monthly c) daily( 365 days).
2
Answer by ikleyn(52772) (Show Source): You can put this solution on YOUR website!
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a TWIN problem was solved yesterday under this link

https://www.algebra.com/algebra/homework/word/finance/Money_Word_Problems.faq.question.1206586.html

Consider it as your TEMPLATE and solve this current problem in the same way.

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