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Yielding an annual interest rate

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Jake is saving money for a down payment on a car. He needs $1,800 in 10 months to make his down payment and is saving money in an annuity yielding an annual interest rate of 7% compounded monthly. If the annuity requires that Jake make monthly investments, what annuity payment must Jake make to save enough for his down payment?

Reference no: EM131795334

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