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5. This problem deals with your retirement savings. Suppose you want to have $ 2,000,000 when you retire, but you are not sure when to
5. This problem deals with your retirement savings. Suppose you want to have $ 2,000,000 when you retire, but you are not sure when to start saving toward that goal. Compute the annual amounts (one payment per year) you have to invest, starting with no initial funds, to end up with $ 2,000,000 at 8% compound interest if you make payments every Jan. 1 for: (i) 10 years, (ii) 20 years, (iii) 30 years, (iv) 40 years. Then determine the $ you will have if you make your payments on Dec. 31 instead of Jan. 1 in each year. The appropriate financial equations can be found in Excel; use the FV (future value) function
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