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(include formulas) 1. Suppose you want to have $400,000 for retirement in 20 years. Your account earns 4% interest. How much would you need to

(include formulas)

1. Suppose you want to have $400,000 for retirement in 20 years. Your account earns 4% interest. How much would you need to deposit in the account each month?

2. You have $500,000 saved for retirement. Your account earns 10% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?

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