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Annual return to purchase the car

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Reference no: EM133118812

You want to buy your dream car 12 months from now. The car costs $30,000 today, but you believe its value will increase by 5% once you're ready to buy it. You plan on investing each month in an account that provides a 12% annual return to purchase the car. How much money must you invest each month to be able to buy the car entirely with cash next year?

Reference no: EM133118812

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