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2. To supplement your planned retirement in exactly 42 years, you estimate that you need to accumulate $1 million by the end of 42 years

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2. To supplement your planned retirement in exactly 42 years, you estimate that you need to accumulate $1 million by the end of 42 years from today. You plan to make equal annual end-of-year deposits int an account paying 4 percent annual interest. a. How large must the annual deposits be to create the $1 million amount by the end of 42 years? b. If you can afford to deposit only $5,000 per year into the account, how much will you have accumulated by the end of the forty-second year? (Marks 3)

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