Jasica Parker would like to have $46,000 to buy a new car in 7 years. To accumulate $46,000 in 7 years, how much should she invest monthly in a sinking fund with 3% interest compounded monthly? The monthly invested payment is $ (Round up to the nearest cent.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Jasica Parker would like to have $46,000 to buy a new car in 7 years. To accumulate $46,000 in 7 years, how much should she invest monthly in a sinking fund with
3% interest compounded monthly?
The monthly invested payment is $
(Round up to the nearest cent.)
Transcribed Image Text:Jasica Parker would like to have $46,000 to buy a new car in 7 years. To accumulate $46,000 in 7 years, how much should she invest monthly in a sinking fund with 3% interest compounded monthly? The monthly invested payment is $ (Round up to the nearest cent.)
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