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A person is planning to open a savings account with the intent to buy a house in 8 years. They will invest an

equal amount each month for eight years. This account will earn 9% annually and will have $450,000 at the end of the eight-year term. What is the amount of the monthly investment? I am allowed to use a finance calculator, but I'm having trouble figuring out what to put for FV, N, and I/Y. I know the answer is $3217.59, but I'm having problems figuring out how to get that answer.

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FV is the future value you will have after making all of the payments and receiving the interest, which... View the full answer

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