Question: Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 1 4 . 6

Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 14.6%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $ 12 comma 000 in the account in five years' time?

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