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What is the amount of the monthly investment

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A person is planning to open a savings account with the intent to buy a house in five years. They will invest an equal amount each month for five years. This account will earn 6% per year (.5% per month) and will have $300,000 at the end of the five-year term.

What is the amount of the monthly investment?

Round your answer to the nearest dollar.

Reference no: EM132528512

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