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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. You

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.

You decide to deposit $290 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $397,000. How many months will you need to make payments before you can retire?

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