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Alex expects to graduate in 3.5 years and hopes to buy a new car then. He will need a .20% down payment, which amounts to

Alex expects to graduate in 3.5 years and hopes to buy a new car then. He will need a .20% down payment, which amounts to $3400 for the car he wants. How much should he save now to have $3400 when he graduates if he can invest it at 8% compounded monthly? (Round your final answer to two decimal places.)

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