Question: Mighty Mike is planning to save up for a trip to Europe in three years. He will need $7,500 when he is ready to make

Mighty Mike is planning to save up for a trip to Europe in three years. He will need $7,500 when he is ready to make the trip. He plans to invest the same amount at the end of each of the next three years in an account paying 6 percent. What is the amount the he will have to save every year to reach his goal of $7,500 in three years?

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