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Posted on Sep 09, 2024

Jesse has a personal goal of accumulating $ 1 , 0 0 0 , 0 0 0 in retirement savings by the time he retires.

Jesse has a personal goal of accumulating $

1, 000, 000

in retirement savings by the time he retires. How much will he need to contribute each month in a retirement account that earns

5.5 %

per year compounded monthly if he contributes from ages

26

57 ?

What formula

(

)

would you use to solve this and why?

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