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6. Lara is planning for retirement. She believes she will need $7,500 a month (payable at the end of each month) for approximately 20 years
6. Lara is planning for retirement. She believes she will need $7,500 a month (payable at the end of each month) for approximately 20 years after retirement. She has 25 years remaining until her retirement starts, and during this time she will deposit an annual amount into her companys retirement plan at the beginning of each year. Assuming her investment will earn 12% (nominal APR), compounded monthly, throughout both time periods, how much will Lara need to save each year before retirement? (5 pts)
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