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show work* You deposit an amount each month for 30 years into an investment fund for your retirement. The investment fund accumulates interest at a
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You deposit an amount each month for 30 years into an investment fund for your retirement. The investment fund accumulates interest at a nominal rate of 6% compounded monthly. The first deposit is X and each subsequent deposit is 0.3% more than the previous one. If you want 1,000,000 to be in the account immediately following the last deposit, then what is X? Round your answer to the nearest .xx
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