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Kevin has always dreamed of opening a caf by the seaside. He decides he will save to help open the caf by depositing money in

Kevin has always dreamed of opening a caf by the seaside. He decides he will save to help open the caf by depositing money in an ordinary annuity that earns

3.6%

interest, compounded monthly. Deposits will be made at the end of each month.

How much money will he need to deposit into the annuity each month for the annuity to have a total value of

$24,000

after

years?

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