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13. You currently have $80,000 in your retirement account. Twenty five years from now, you hope to bring up the value of your retirement account
13. You currently have $80,000 in your retirement account. Twenty five years from now, you hope to bring up the value of your retirement account to $1.1 million. In order to make this happen, you want to make regular deposits in equal amounts each month (that is, you will make 300 equally-sized deposits, with one each month, for the next 25 years). If interest rates are .5% per month, how much will you have to deposit each month in order to hit your retirement goal in 25 years? A. $1,071.87 B. $1,587.32 C. $4,785.89 D. $17,371.51 E. $38,004.89
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