In 4 years after college, you want to buy yourself a new car valued at $20,000. You will invest in an account that earns 3% interest compounded…

In 4 years after college, you want to buy yourself a new car valued at $20,000. You will invest in an account that earns 3% interest compounded monthly. How much do you need to deposit into the account at the end of each month to reach your goal? If instead of investing in the account, you saved your money in your cookie jar. How much will you have saved?

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