SOLUTION: How much must you deposit into an account that pays 8.75% annual interest, compounded monthly, to have a balance of $1000 after one year?

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Question 1134519: How much must you deposit into an account that pays 8.75% annual interest, compounded monthly, to have a balance of $1000 after one year?
Answer by ikleyn(52786) About Me  (Show Source):
You can put this solution on YOUR website!
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From your post, it is UNCLEAR whether you are talking about one-time deposit or about monthly deposits.