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What is the amount of the monthly investment

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Reference no: EM132551918

A person is planning to open a savings account with the intent to buy a house in eight years. They will invest an equal amount each month for eight years. This account will earn 9% annually and will have $450,000 at the end of the eight-year term.

Question 1: What is the amount of the monthly investment?

Reference no: EM132551918

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