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Amy wants to save for her upcoming graduation trip to Europe in 2 years. She is planning on making monthly deposits into her account earning
Amy wants to save for her upcoming graduation trip to Europe in 2 years. She is planning on making monthly deposits into her account earning an APR of 8% compounded monthly. She estimates she will need $18,000 in the account to leave. She knows that she will need to make a withdrawal from this account of $2,500 in one year to cover an expense. How much will she have to deposit on a monthly basis to assure she will have the required cash in the account for Europe? SHOW DETAILED WORK
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