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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 $4600 for the car he wants. How much should he save now to have $4600 when he graduates if he can invest it at 6% compounded monthly?

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