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A man currently has $ 5 0 , 0 0 0 in a retirement account earning 6 % per year. He wishes to have $

A man currently has $

50, 000

in a retirement account earning

6 %

per year. He wishes to have $

2

million when he retires in

40

years. How much money must he save each year at

7 %

in order to reach his savings goal?

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