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Assume that you plan to retire 40 years from now and that you expect to need $2M to support the lifestyle that you want. (a)

Assume that you plan to retire 40 years from now and that you expect to need $2M to support the lifestyle that you want. (a) If the interest rate is 10%, is the following statement approximately true? "Waiting 5 years to start saving doubles what you must deposit each year." (b) At what interest rate is the following statement exactly true? "Waiting 5 years to start saving doubles what you must deposit each year."

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