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Michael wants to have $49,000 in 11 years on a savings plan that requires monthly contributions. If he can earn 7 percent APR with monthlycompoundingon

Michael wants to have $49,000 in 11 years on a savings plan that requires monthly contributions. If he can earn 7 percent APR with monthlycompoundingon the savings plan, what is the amount that he will have to invest every monthfor the next 11 years? Round it totwo decimal placesand do not include the $ sign, e.g., 1234.56.

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