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4. Mary's 25th birthday is today, and she hopes to retire on her 65th birthday. She has determined that she will need to have $4,000,000
4. Mary's 25th birthday is today, and she hopes to retire on her 65th birthday. She has determined that she will need to have $4,000,000 in her retirement savings account in order to live comfortably. Mary currently has no retirement savings, and her investments will earn 8% annually. How much must she deposit into her account at the end of each of the next 40 years to meet her retirement savings goal?
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