Problem $18$

Intro

You want to have $$600,000$ in savings when you retire in $30$ years. Your monthly salary is

expected to grow by $0\mathrm{.}6\%$ every month between now and your retirement date and you always

save a constant fraction of your salary. The interest rate is $9\%($EAR$).$

Part $1$

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