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A 2 4 year - old person plans to have $ 1 , 3 2 0 , 0 0 0 in retirement savings at age

24

year

-

old person plans to have $

1, 320, 000

in retirement savings at age

67 .

The person currently has $

3, 000

in savings and plans on earning

9 % /

year on all savings. How much will the person have to save per year to have the desired amount at

67 ?

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