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Mary must decide how much to save each year to fund her retirement. She would like to accumulate $10,000,000 by the time she is 70
Mary must decide how much to save each year to fund her retirement. She would like to accumulate $10,000,000 by the time she is 70 years old (she is presently 30 years old.) By investing in a broad market index, she expects a 12% return compounded annually. Assuming Mary makes her first payment at the end of this year, how much will her annual contribution need to be? (Provide your solution as decimal with two digits of accuracy.)
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