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Andr is looking ahead to his retirement. He wants to have $600,000 in his savings account when he retires. How much must he deposit into
Andr is looking ahead to his retirement. He wants to have $600,000 in his savings account when he retires. How much must he deposit into his account now (a one-time deposit), if the account pays a fixed interest rate of 8%, to ensure that the account has $600,000 when he retires, 18 years from now? Assume that Andr will not make any additional deposits or withdrawals into or out of the account between now and when he reaches retirement. A. $159,623 B. $210,209 C. $270,268 D. $150,149
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