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You want to purchase a new car in 4 years and expect the cost to be $20,000. Your bank offers a savings plan with an
You want to purchase a new car in 4 years and expect the cost to be $20,000. Your bank offers a savings plan with an annual interest rate of 5.5% if you make regular monthly deposits. How much should your monthly deposits be in order to end up with $20,000 in 4 years? Round your answer to the nearest cent.
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