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Fred plans to buy a condominium in 5 years and wants to save $50,000 for the down payment. He assumes that he can earn 6.5%

Fred plans to buy a condominium in 5 years and wants to save $50,000 for the down payment. He assumes that he can earn 6.5% per year on his investments. He is starting with no money saved for this goal. How much does he need to save per month to achieve his goal?

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