I am confused with this question.
Its first part says he is depositing $1000 each month. The next part is asking how much he should deposit now.
Does the question ask,
how much (lump sum) he should deposit now to achieve $1,000,000 at the end of 10 years (if the interest is 0.7%/month) with compound interest?
Yes it is. Question is asking how much should deposit now to achieve $1000,000.
Current Deposit + Monthly deposit of $1000+ compounded interest should equal to $1000,000 in 10 years time.
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