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You want to purchase a new car in 5 years and expect the car to cost $74,000. Your bank offers a plan with a guaranteed APR of 4.5% if you make regular monthly deposits. How much should you deposit each month to end up with $74,000 in 5 years? You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)

You want to purchase a new car in 5 years and expect the car to cost $74,000. Your bank offers a plan with a guaranteed APR of 4.5% if you make regular monthly deposits. How much should you deposit each month to end up with $74,000 in 5 years? You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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### Planning for a Car Purchase in 5 Years You want to purchase a new car in 5 years and expect the car to cost $74,000. Your bank offers a plan with a guaranteed Annual Percentage Rate (APR) of 4.5% if you make regular monthly deposits. How much should you deposit each month to end up with $74,000 in 5 years? You should invest $___ each month. *Please note: Do not round until the final answer. Then round to two decimal places as needed.*
Transcribed Image Text:### Planning for a Car Purchase in 5 Years You want to purchase a new car in 5 years and expect the car to cost $74,000. Your bank offers a plan with a guaranteed Annual Percentage Rate (APR) of 4.5% if you make regular monthly deposits. How much should you deposit each month to end up with $74,000 in 5 years? You should invest $___ each month. *Please note: Do not round until the final answer. Then round to two decimal places as needed.*
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