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20 June, 04:25

You want to purchase a new car in 3 years and you anticipate the cost of the car to be $25,000. you are given an investment plan with a fixed apr of 5.3% if you make regular monthly deposits. how much should you deposit at the end of each month to reach your goal of $25,000 in 3 years?

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  1. 20 June, 04:51
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    25000=x[ ((1+0.053/12) ^ (12*3) - 1) / (0.053/12) ]

    Solve for x

    X=642.23
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