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Loretta is 3 0 years old and has wanted to be a millionaire by the time she is 5 0 . Her investments usually provide

Loretta is 30 years old and has wanted to be a millionaire by the time she is 50. Her
investments usually provide an annual rate of return of 12%.
a) If she makes an initial investment of $25,000, how much of a regular monthly payment should
she make so that after 20 years she will accumulate $1,000,000?
b) If she makes no initial investment, how much of a regular monthly payment should she make
so that after 20 years she will accumulate $1,000,000?
c) If she makes an initial investment of $25,000, how much of a regular monthly payment should
she make so that after 30 years she will accumulate $1,000,000?
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