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A 25-year old investor is looking to start a retirement saving plan. The investor would like to have $1 million at age 65 (40 years
A 25-year old investor is looking to start a retirement saving plan. The investor would like to have $1 million at age 65 (40 years from today). The investor believes she can earn an annualized rate of 7% on her savings. Assuming she will make equal monthly contributions to the retirement account every month until age 65, what is the amount that the investor must save each month in order to meet the savings goal?
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