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Maya wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 6.6% interest, compounded monthly. Payments will be made
Maya wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns
6.6%
interest, compounded monthly. Payments will be made at the end of each month. How much money will she need to pay into the annuity each month for the annuity to have a total value of
$7000
after
3
years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the
list of financial formulas
.
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