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To save for a car in four years (approximate cost $20,000), you make monthly deposits into an account bearing 4.5% compounded monthly. a) How much

To save for a car in four years (approximate cost $20,000), you make monthly deposits into an account bearing 4.5% compounded monthly.

a) How much should you deposit every month to reach your goal?

b) How much would you earn in interest over the four years?

Show work, please.

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