Kim and Mario wish to have $30,000 available for a kitchen remodel in 3 years. How much
money should they set aside now at 7% compounded monthly in order to reach their
financial goal? Round your answer UP to the nearest cent.

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  1. 3 years = 36 months
    .07/12 = .00583333....
    1.00583333...^36 = 1.232925587
    1.232925587 p = 30,000
    p = 24,332.37

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