You want to save to purchase a used motor coach to travel the United States. How much do you need to invest each month if you can earn a rate of 8.1\% compounded monthly so that you will have have \$28,000.00 after 7 years?\nMonthly investment: $\nRound to the nearest cent (or 2 decimal places). Do not include dollar sign or commas.
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The formula is: $$FV = P \dfrac{[(1 + i)^n - 1]}{i}$$ where: * FV is the future value of the annuity * P is the payment amount * i is the interest rate per period * n is the number of periods Show more…
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