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Mr. and Mrs. Braun want to accumulate $30,000 in 6 years for their son's education. They can earn 6 percent annual interest compounded monthly on
Mr. and Mrs. Braun want to accumulate $30,000 in 6 years for their son's education. They can earn 6 percent annual interest compounded monthly on an investment. For cash flow planning, the Brauns want to invest an identical amount at the beginning of each month over the next 6 years to accumulate the amount needed. What amount must the Brauns deposit into the investment each month to achieve their goal?
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