You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly.  Note: Payments are made at the end of each period.   Suppose you want to use this fund to buy a $371,000 houseboat when you retire in 40 years.  How much do you need to deposit each month in order to achieve this goal?  $ __________.  Round to the nearest dollar.

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Q: You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly.  Note:…

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