Question
5 Gordon Gleko is 30 years old and wants to retire when he is 65. So far he has saved (1) $6,950 in an IRA
5
Gordon Gleko is 30 years old and wants to retire when he is 65. So far he has saved (1) $6,950 in an IRA account in which his money is earning 8.3% annually and (2) $5,000 in a money market account in which he is earning 5.25 percent annually. Gordon wants to have $1,000,000 when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn 9 percent annually. How much will Gordon have to invest every year to achieve his savings goal? (Round up the answer to the nearest dollar.) Numeric Response
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