How much do they need to deposit into account every month

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Reference no: EM131563730

John and Mary are saving money to buy a store in San Francisco. They need $6,000,000 to buy the store in 10 years. They decide to make a deposit at the end of every month into an account that pays 4.7% compounded monthly. How much do they need to deposit into this account every month in order to have $6,000,000 after 10 years?

Reference no: EM131563730

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