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Dr. Rivas plans to retire today and would like an income of $450,000 per year for the next 20 years with the income payments starting
Dr. Rivas plans to retire today and would like an income of $450,000 per year for the next 20 years with the income payments starting 1 year from today. He will be able to earn interest of 5% per year compounded annually from his investment account. Dr. Rivas must deposit____________today in his investment account to achieve this income of $450,000 per year.
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