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You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Suppose

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You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Suppose you want to use this fund to buy a $286,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal? Round to the nearest dollar

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