I have made a careful assessment of my financial needs on retirement, in exactly 30 years time. Taking into account inflation, and my future living expenses on retirement, I calculate that I will need a nest-egg of $1,200,000. I have found a savings scheme which promises a return of 6% per annum, compounded annually. How much (to the nearest cent) will I need to save at the beginning of each year (first instalment starts right now) if I am to accumulate my nest-egg after thirty years?
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