Question: Owen has just received an inheritance of $20,000. He has deposited the funds into an account that will earn 5% compounded quarterly. Owen plans to

Owen has just received an inheritance of $20,000. He has deposited the funds into an account that will earn 5% compounded quarterly. Owen plans to add to his savings by making end-of month deposits to the account for the next five years. If Owen's goal is to have a total of $50,000 at the end of five years, how much do his regular, monthly deposits need to be?

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