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2. Your retirement goal is to have $3,000,000 available (in the bank) when you retire at age 67. Suppose your contribution into that plan consisted
2. Your retirement goal is to have $3,000,000 available ("in the bank") when you retire at age 67. Suppose your contribution into that plan consisted entirely of a single lump sum pay made on your 50 th birthday. What is the size of the contribution needed to achieve your goal? Assume a 6% annual interest rate. a. $4,620,070.30 b. $1,114,093.26 c. $3,783,290.30 d. $957,240.25
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