Question: Suppose you want to save up for a down payment on a house, which costs $500,000. You plan to make monthly contributions to a savings

Suppose you want to save up for a down payment on a house, which costs $500,000. You plan to make monthly contributions to a savings account that pays a 3% annual interest rate, compounded monthly. If you want to save up for the down payment in 5 years, how much do you need to save each month? Show all calculations.

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