Michael wants to have $63,000 in 9 years on a savings plan that requires monthly contributions.  If he can earn 7 percent APR with monthly compounding on the savings plan, what is the amount that he will have to invest every month for the next 9 years? Round it to two decimal places and do not include the $ sign, e.g., 1234.56.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Michael wants to have $63,000 in 9 years on a savings plan that requires monthly contributions.  If he can earn 7 percent APR with monthly compounding on the savings plan, what is the amount that he will have to invest every month for the next 9 years? Round it to two decimal places and do not include the $ sign, e.g., 1234.56.

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