Question: To help with a down payment on a home, Shen is going to invest. Assuming an interest rate of 1.61% compounded monthly, how much

To help with a down payment on a home, Shen is going

To help with a down payment on a home, Shen is going to invest. Assuming an interest rate of 1.61% compounded monthly, how much would he have to invest to have $49,600 after 7 years? Do not round any intermediate computations, and round your final answer to the nearest dollar. If necessary, refer to the list of financial formulas.

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