Question: Sam is saving for a trip to India. He will deposit a fixed amount every month in a bank account with an EAR of 7.5%

Sam is saving for a trip to India. He will deposit a fixed amount every month in a bank account with an EAR of 7.5% starting today. If this account pays interest every month (monthly compounding) then how much should he deposit every month in order to have $10,000 in the account in two years' time?

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