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John is 25 years old and wishes to retire in 30 years. His plan is to invest in a mutual fund earning a 12 percent
John is 25 years old and wishes to retire in 30 years. His plan is to invest in a mutual fund earning a 12 percent annual return and have a $1million retirement fund at age 55. How much must he invest at the end of each year in equal payments to achieve his goal?
a. $7,499.96
b. $4,143.83
c. $5,024.60
d. $33,333.33
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