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Jeannie is planning for her retirement. She is twenty-five years old today and would like to have $900,000 when she turns 65. She estimates that
Jeannie is planning for her retirement. She is twenty-five years old today and would like to have $900,000 when she turns 65. She estimates that she will be able to earn a 12 percent rate of return on her retirement investment over the time. Therefore, she wants to set aside a constant amount of money at the end of every year in order to achieve her objective. Required: Compute the amount she must invest at the end of each year until her retirement in order to realise her goal of $900,000 at the age of 65.
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