Local community wants to purchase a pool heater

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A local community wants to purchase a pool heater for its public pool in one year. The cost of the heater is $1,000,000. The local bank is willing to pay the interest on this amount at 6%, compounded monthly to help support the purchase of the pool heater if the city saves a uniform amount each month. How much does the city need to save each month to realize the $1,000,000 price tag of the pool heater?

Reference no: EM13999225

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