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Karen would like to save some money each month so that she can retire at age 55. Her money earns an interest rate of 6.5%

Karen would like to save some money each month so that she can retire at age 55. Her money earns an interest rate of 6.5% /a, compounded monthly.

a) How much money does Karen need to deposit each month to accumulate $1 000 000 by age 55 if she starts saving when she is 25 years old?

b) what would Karen's monthly deposits be if she didn't start saving until age 35?

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