Magnum plans to retire in 28 years with an amount of $2,500,000. His financial advisor has found
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Question:
Magnum plans to retire in 28 years with an amount of $2,500,000. His financial advisor has found a bank that has offered a 5 % annually. What amount will he have to invest today if there is a 12% annual return? How soon can he retire? (6 marks)
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