Annual rate and assume monthly compounding

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Mr. cousins would like to retire in 30 years. he would like to accumulate 1,000,000 at the time of retirement to live a contented life. He would like to set aside equal amount each month to achieve his goal. What is the monthly amount he should save if he can invest them at an interest rate of 10.5%. (Annual Rate) (Assume monthly compounding)

Reference no: EM131187877

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