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Domingo aims to save money to achieve three objectives. To start with, he aims to retire in 3 0 years, with a monthly retirement income

Domingo aims to save money to achieve three objectives. To start with, he aims to retire in 30 years, with a monthly retirement income of R16,000 for 25 years, starting one month after his retirement. Secondly, he plans to acquire a cabin in Cape Town in a decade, estimated to cost R375,000. Lastly, upon his demise after 25 years of withdrawals, he desires to leave an inheritance of R1.5 million to his nephew Jimmy. He can allocate R2,150 per month for savings over the next ten years. Given an Effective Annual Rate (EAR) of 10 percent before retirement and 7 percent after, how much must he save monthly from years 11 to 30?

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