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The Lee family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 7.2% interest, compounded monthly.

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The Lee family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 7.2% interest, compounded monthly. Payments will be made at the end of each month. How much money do they need to pay into the annuity each month for the annuity to have a total value of $12,000 after 10 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. 3

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