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A person wishes to save a regular amount at the beginning of each month in order to buy a car in 18 months time. An

A person wishes to save a regular amount at the beginning of each month in order to buy a car in 18 months’ time. An account of ers a return of 4.8% compounded monthly. Work out the monthly savings if the total amount saved at the end of 18 months is $18 000. (What is the right answer between 966,43 and 962,57?)

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