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Maya wants to be a millionaire upon retiring in 2 5 years. She expects her retirement account to earn an average of 4 % annual

Maya wants to be a millionaire upon retiring in

25

years. She expects her retirement account to earn an average of

4 %

annual interest. How much should she contribute to her retirement account each month to reach her goal?

1 .

What formula should you use to answer this question?

(1

) 2 .

EXPLAIN why you chose this formula.

(2

pts

)

DO NOT SOLVE THE PROBLEM!

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