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Michael Bennett is a NYC detective with a large family who wants to retire in five years. Bennett has $1.5 million in retirement assets today,
Michael Bennett is a NYC detective with a large family who wants to retire in five years. Bennett has $1.5 million in retirement assets today, and is earning 8.7% on is portfolio (annual compounding). Bennett expects to continue to earn this rate until he retires.
Compute the amount Bennett must save every quarter during the next five years before he retires to meet his retirement goal (beginning today).
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