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John wants to buy a car in 5 years. His dream car costs 320,000 today and car prices are expected to increase at a rate
John wants to buy a car in 5 years. His dream car costs 320,000 today and car prices are expected to increase at a rate of 15% per year for the next 5 years. Calculate the amount that he needs to save on a monthly basis to buy his dream car in 5 years, if he can earn a 10% interest compounded monthly on his savings account.
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