Question
Maya already determined the amount of money she needs at retirement, which is $3,500,000. Maya has decided to start saving for retirement immediately. She will
Maya already determined the amount of money she needs at retirement, which is $3,500,000.
Maya has decided to start saving for retirement immediately. She will make an annual contribution into her retirement account. The contribution will be made at the end of each year. She expects to earn 6.5% compounded annually prior to retirement. What is amount of her annual contribution?
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Fundamentals of Investing
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
12th edition
978-0133075403, 133075354, 9780133423938, 133075400, 013342393X, 978-0133075359
