Math  /  Algebra

QuestionYou want to purchase a new car in 5 years and expect the car to cost $69,000\$ 69,000. Your bank offers a plan with a guaranteed APR of 6.5%6.5 \% if you make regular monthly deposits. How much should you deposit each month to end up with $69,000\$ 69,000 in 5 years?
You should invest \ \square$ each month. (Do not round until the final answer. Then round to two decimal places as needed.)

Studdy Solution
You should invest approximately $\$ **973.62** each month.

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