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Jacinda is 3 0 years old and intends to retire at age 6 5 . According to the estimation of life expectancy for Canadian women,
Jacinda is years old and intends to retire at age According to the estimation of life expectancy for Canadian women, they expect to live for years into retirement, and therefore needs to save enough funds in the next years to support herself for another years after retirement. She plans to make monthly contributions to a mutual fund earning annually, and then at retirement, will put her savings into guaranteed investment certificates GICs paying Taking inflation into account, Karen estimates that she will need a monthly income of $ throughout retirement. How much must she invest each month in the mutual fund to ensure this standard of living? Assume that there is monthly compounding for the mutual fund.
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