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You want to save $21,000 to purchase a car for cash. You plan to make monthly deposits into an index fund earning 3.75%/year compounded monthly. How much do you need to deposit each month to have the $21,000 saved in 4 years? Use units in your answer, round to two decimal places.

You want to save $21,000 to purchase a car for cash. You plan to make monthly deposits into an index fund earning 3.75%/year compounded monthly. How much do you need to deposit each month to have the $21,000 saved in 4 years? Use units in your answer, round to two decimal places.

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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You want to save $21,000 to purchase a car for cash. You plan to make monthly deposits into an index fund earning 3.75%/year compounded monthly. How much do you need to deposit each month to have the $21,000 saved in 4 years? Use units in your answer, round to two decimal places.
Transcribed Image Text:You want to save $21,000 to purchase a car for cash. You plan to make monthly deposits into an index fund earning 3.75%/year compounded monthly. How much do you need to deposit each month to have the $21,000 saved in 4 years? Use units in your answer, round to two decimal places.
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