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Ally opens an account that earns an annual interest of 4.9% compounded monthly in order to save enough to purchase a vehicle when she graduates.
Ally opens an account that earns an annual interest of 4.9% compounded monthly in order to save enough to purchase a vehicle when she graduates. How much would she need to deposit each month in order for her to have $6,000 in the account in four years? (Round your answers to the nearest cent.)
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