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    Payment Amount to Reach Investment Goal

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    Instead of borrowing to by a car, Chelsie and her husband Carlos decide to save and pay cash for a car in three years. How much would they have to save each month to accumulate $22,000 if the sinking fund pays 5% annual interest?

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    Solution Summary

    The payment amount of reach investment goals are determined. How much would be accumulated each month is determined.

    $2.49

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