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Problem 6: Mr. Jones would like to retire in 30 years. He would like to accumulate $1,500,000 at the time of retirement to live a
Problem 6: Mr. Jones would like to retire in 30 years. He would like to accumulate $1,500,000 at the time of retirement to live a contented life. He would like to set aside equal amount each month to achieve his goal. Calculate the monthly amount Mr. Jones should save if he is able to invest them at an interest rate of 9.6%. [Annual rate] [Assume monthly compounding]
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