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Posted on Aug 02, 2024

A young professional wishes to have $ 8 2 0 0 0 0 in her retirement account. Its current value is $ 3 8 0

A young professional wishes to have $

820000

in her retirement account. Its current value is $

38000 .

She invests $

500

monthly in the account which earns a

8.1 %

annual interest rate, with interest compounded monthly. Find the number of payments needed to reach her goal.

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