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Use the savings plan formula to answer the following question. Your goal is to start a college fund for your child. Suppose you find a

Use the savings plan formula to answer the following question.

Your goal is to start a college fund for your child. Suppose you find a fund that offers an APR of 5 %. How much should you deposit monthly to accumulate $81,000 in 12 years?

You should invest $ __________each month.

(Do not round until the final answer. Then round to two decimal places asneeded.)

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