Ricky Bobby wants to buy a new automobile for $55,000 in 8 years. How much money must Ricky’s original investment


Ricky Bobby wants to buy a new automobile for $55,000 in 8 years. How much money must Ricky’s original investment be if he makes a single deposit into an account with monthly compounding and an annual interest rate of 3.90% in order to reach his goal? Round your answer to the nearest cent.


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