7. Jena decided to use the time value of money tools from to calculate the size of the monthly payments that a typical undergraduate would need to pay the average credit card debt of $2,929 over 1 year (12 monthlypayments), assuming an annual interest rate of 17.1 percent.If, instead of having to make that credit cardpayment, a new college graduate invested that same amount monthly in a mutual fund earning 10 percent onaverage, how much would he or she have for retirement in 45 years?

The undergraduates could eliminate their average balance with 12

12 monthly payments of $

nothing

. (Round to the nearestcent.)