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Suppose Emily invests $1500 at the end of each quarter in an account with nominal interest rate 8%, compounded quarterly. After 9 years, Emily has
Suppose Emily invests $1500 at the end of each quarter in an account with nominal interest rate 8%, compounded quarterly. After 9 years, Emily has $ in the account. Fiona plans on buying a new car worth $20000 in 7 years. To do so, she makes monthly deposits (of equal amounts) in an account with nominal interest rate 3%, compounded monthly. What must her monthly deposits be in order to have $20000 in the account after exactly 7 years? SI
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