How much do you have to save in the first month, i.e., one month from now?

Intro You want to have $1,000,000 in savings when you retire in 20 years. Your monthly salary is expected to grow by 0.7% every month between now and your retirement date and you always save a constant fraction of your salary. The interest rate is 8% (EAR). Part 1 Attempt 1/2 for 10 pts. How much do you have to save in the first month, i.e., one month from now? 0+ decimals Submit