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Charley and Karen will be retiring in 25 years and would like to buy a beach house in Key West, Florida. The beach house costs
Charley and Karen will be retiring in 25 years and would like to buy a beach house in Key West, Florida. The beach house costs $235,000 today, and housing prices in Belize are expected to increase by 4% per year. Charley and Karen want to make monthly deposits into an account over this 25-year period, starting today, so there will be enough money to purchase the beach house in 25 years. If the account earns 10% per year, how much must they deposit each month?
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