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Assume you want to accumulate $ 1 million at the time you retire in 2 5 years. How much do you have to save monthly

Assume you want to accumulate $

1

million at the time you retire in

25

years. How much do you have to save monthly in order to accumulate $

1

million if you can earn

(1) 10 %, (2) 12 %,

and

(3) 15 % ?

What conclusion can you draw?

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