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The monthly invested payment is $. (Round up to the nearest cent.)

The monthly invested payment is $. (Round up to the nearest cent.)

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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Jasica Parker would like to have $68,000 to buy a new car in 5 years. To accumulate $68,000 in 5 years, how much should she invest monthly in a sinking fund with 9% interest compounded monthly? The monthly invested payment is $- (Round up to the nearest cent.)
Transcribed Image Text:Jasica Parker would like to have $68,000 to buy a new car in 5 years. To accumulate $68,000 in 5 years, how much should she invest monthly in a sinking fund with 9% interest compounded monthly? The monthly invested payment is $- (Round up to the nearest cent.)
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