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You want to purchase a car which costs $10,000 today. New cars similar to the one you wish to purchase increase in price 5% per
You want to purchase a car which costs $10,000 today. New cars similar to the one you wish to purchase increase in price 5% per year compounded annually. How much should you save each month in order to buy the car 5 years from now? Assume your bank pays an 8% interest rate compounded monthly.
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