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What amount must be invested today at an annual interest

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Question - You want to purchase a $540,000 machine 4 years in the future. The annual interest rate is 4.5%.You want to save this amount by putting aside an equal amount every month, which will be compounded monthly. What amount must be set aside every month?

What amount must be invested today at an annual interest rate of 4.5%, compounded monthly, if you want to purchase a $450,000 machine 4 years in the future?

Reference no: EM132821880

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