You want to save for a new car so you make payments of $$498$ at the end of every month into the bank. When you receive your birthday present every year, you put an extra $$1542$ into a payment on Dec $31($at the end of the year$).$ The interest rate on your account is $4\%$ compounded monthly. Assume today is January $1,$ and that you are going to purchase this new car with cash only in seven years. What is the value of your new car?

The value of the new car is

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