In order to buy a house you want to accumulate a down payment of $35,000 over the next four years. You can do that by putting a certain sum of money in a savings account on the first of every month for the next 48 months. The account credits interest every month at the annual rate of 5%. What is your required monthly deposit? (round to 2 decimals)

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We can use the formula for the future value of an ann... View the full answer