Decide to save a certain amount each month

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Reference no: EM131306432

You want to buy a new television which is currently priced at $2,000, but you don’t have the money to afford it. Instead, you decide to save a certain amount each month so that you can buy the television in exactly three years. If the price is expected to appreciate by 5% per year and your savings should earn 3% compounded monthly, then how much do you need to save per month, starting at the end of the current month, to purchase it in three years?

Reference no: EM131306432

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