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Problem:

Johnson needs to have $60,000 in 8 years. To reach the goal, he intends to make monthly contributions to a savings plan. If he can earn 6 percent APR with monthly compounding on the savings plan,

Required:

Question: What is the amount that he will have to save each month for the next 8 years?

Note: Please show how to work it out.

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Category:- Basic Finance
Reference No.:- M91162436

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