Jasica Parker would like to have $26,000 to buy a new car in 7 years. To accumulate $26,000 in 7 years, how much should she invest monthly in a sinking fund with 3% interest compounded monthly? The monthly invested payment is $ (Round up to the nearest cent.)

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Jasica Parker would like to have $26,000 to buy a new car in 7 years. To accumulate $26,000 in 7 years, how much should she invest monthly in a sinking fund with
3% interest compounded monthly?
The monthly invested payment is $
(Round up to the nearest cent.)
Transcribed Image Text:Jasica Parker would like to have $26,000 to buy a new car in 7 years. To accumulate $26,000 in 7 years, how much should she invest monthly in a sinking fund with 3% interest compounded monthly? The monthly invested payment is $ (Round up to the nearest cent.)
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