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3. You want $1,000,000 in the bank when you retire in 35 years. How much should you deposit each year? Assume an interest rate of

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3. You want $1,000,000 in the bank when you retire in 35 years. How much should you deposit each year? Assume an interest rate of 10%. What is the annual payment if you defer retire to 40 years? (5 Points)

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