Debra wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 2.4% interest, compounded monthly. Payments will be made at the end of each month.  How much money will she need to pay into the annuity each month for the annuity to have a total value of $7000 after 3 years?  Do not round intermediate computations, and round your final answer to the nearest cent.

Question

Debra wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 2.4% interest, compounded monthly. Payments will be made at the end of each month. 

How much money will she need to pay into the annuity each month for the annuity to have a total value of $7000 after 3 years? 

Do not round intermediate computations, and round your final answer to the nearest cent.

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