Two years ago James invested $8,800 in a security that has earned and is expected to continue to earn 3.6 percent per year compounded annually and that will pay investors in 8 years from today. John wants to have as much money as James in 8 years from today.
How much would John need to invest every month for 8 years if he makes equal monthly investments, he makes his first monthly investment today, and he can earn 0.2 percent per month on his investments?