A man plans to retire in 13 years. While working, he intends to deposit money each month into his retirement fund which earns 6 % interest per year, compounded monthly. He desires a million dollars in his retirement fund at the time he retires. Over the next 13 years, what amount should he deposit monthly into his retirement fund in order to accomplish his goal?
Give the answer to 2 decimal places, and do not use the $ sign in the answer box.
The monthly deposit amount is Blank 1. Calculate the answer by read surrounding text. dollars.
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