How much money will she need to pay into annuity each month

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Question :

Karen wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 4.8% interest, compounded monthly. Payments will be made at the end of each month.

How much money will she need to pay into the annuity each month for the annuity to have a total value of $5000 after 6 years?

Reference no: EM132346126

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