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16. Juan expects to retire in 40 years and would like to accumulate $3 million in the pension fund. If the annual interest rate is

16. Juan expects to retire in 40 years and would like to accumulate $3 million in the pension fund. If the annual interest rate is 12% per year, how much should he put into the pension fund each MONTH in order to achieve his goal? Assume monthly compounding.

a) $722

b) $518

c) $255

d) $849

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