Question: Melvin is saving for a new car. He needs $23,000 and will make the purchase in five years. If his account pays 3.00% per year,

Melvin is saving for a new car. He needs $23,000 and will make the purchase in five years. If his account pays 3.00% per year, compounded monthly, how much does he have to save each month, assuming he has nothing saved yet? 3 tries left In order to save the $23,000, the amount Melvin will need to save each month is $ (Round to the nearest dollar.)

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