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You have always wanted to buy a new car and pay cash. You have decided to save enough money to buy a car paying up

You have always wanted to buy a new car and pay cash. You have decided to save enough money to buy a car paying up front with cash. You need to buy a new car in 7 years from today. You believe you can earn 6.86% annual yield on invested funds over those 7 years. If you think you can buy your dream car for $109,484, how much would you have to save per month to have $109,484 in 7 years?

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