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Johnson needs to have $60,000 in 8 years. To reach the goal, he intends to make monthly contributions to a savings plan. If he can

Johnson needs to have $60,000 in 8 years. To reach the goal, he intends to make monthly contributions to a savings plan. If he can earn 6 percent APR with monthly compounding on the savings plan, what is the amount that he will have to save each month for the next 8 years?

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