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Monica has decided that she wants to build enough retirement wealth that, if invested at 9 percent per year, will provide her with $4,800 of
Monica has decided that she wants to build enough retirement wealth that, if invested at 9 percent per year, will provide her with $4,800 of monthly income for 20 years. To date, she has saved nothing, but she still has 25 years until she retires. |
How much money does she need to contribute per month to reach her goal? (Do not round intermediate calculations and round your final answer to 2 decimal places.) I got 475.86 as an answer but I'm unsure of the steps on how to do it. Please show the steps or formulas used. |
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