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A business has an investment to which it wants to transfer a fixed sum at the end of each month. The firm is planning to

A business has an investment to which it wants to transfer a fixed sum at the end of each month. The firm is planning to accumulate $4 million at the end of 5 years. What amount will the firm need to transfer each month is the investment earns an effective annual rate of 8% p.a.?

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