How much money must invest at the beginning of each month

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Reference no: EM132831132

Problem 1: You and your spouse have a brand-new baby, and that makes three children. You realize that soon the time will come to purchase a mini-van. If the estimated price of a two-year old, low-mileage Honda Odyssey mini-van in four years will be $25,000, how much money must you invest at the beginning of each month over the next four years if you can earn 8.25% annual interest with monthly compounding?

Reference no: EM132831132

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