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You want to have $ 4 0 0 , 0 0 0 in savings when you retire in 2 5 years. Your monthly salary is

You want to have $400,000 in savings when you retire in 25 years. Your monthly salary is expected to grow by 0.2% every month between now and your retirement date and you always save a constant fraction of your salary. The interest rate is 6%(EAR).How much do you have to save in the first month, i.e., one month from now?

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