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6.6 Exercise 13

Avg difficulty 2.5

Yaroslava wants to save in order to buy a car, in 3 years, without taking out a loan. She determines that she’ll need $35,500 for the purchase. If she deposits money into an ordinary annuity that yields 4.25% interest compounded monthly, how much will she need to deposit each month?

OpenStax Contemporary Mathematics, 6.6 Methods of Savings, exercise 13

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.