Question: Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 12.1%. If this account

Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 12.1%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $12,000 in the account in four years time?

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