iii) A landlord needs a dollar of 250,000 to refurbish a condominium in five years' time. He will save money from rental income (paid monthly in arrears) each year and has found a safe investment...

 iii) A landlord needs a dollar of 250,000 to refurbish a condominium in five years' time. He will save money from rental income (paid monthly in arrears) each year and has found a safe investment paying a nominal rate of 3% per annum.

Calculate the monthly amount the landlord should invest.