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(Solved): James, now 25 years old, wants to be a millionaire by the time he is 50 years old. He plans to make ...
James, now 25 years old, wants to be a millionaire by the time he is 50 years old. He plans to make regular monthly
payments for the next 25 years. The money, compounded monthly, will earn 4.55% interest. How large is his
monthly payment?