Question: Melvin is saving for a new car. He needs $ 2 4 , 0 0 0 and will make the purchase in five years. If

Melvin is saving for a new car. He needs $24,000 and will make the purchase in
five years. If his account pays 3.25% per year, compounded monthly, how
much does he have to save each month, assuming he has nothing saved yet?
2 tries left
In order to save the $24,000, the amount Melvin will need to save each month
is $
.(Round to the nearest dollar:)
Melvin is saving for a new car. He needs $24,000 and

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