1.	At the end of 8 years, your friend wants to have $50,000 saved for a down payment on a house.

1. At the end of 8 years, your friend wants to have $50,000 saved for a down payment on a house.

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 1.      At the end of 8 years, your friend wants to have $50,000 saved for a down payment on a house.  He expects to earn 8%—compounded monthly—on his investments over the next 8 years.  How much would your friend have to put in his investment account each month to reach his goal?

 

(a)  $188

(b)  $374

(c)  $392

(d)  $521
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