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Please explain the formula used and solve You are currently 35 years old and would like to retire at 65. You currently have no debt

Please explain the formula used and solve

You are currently 35 years old and would like to retire at 65. You currently have no debt or savings.If you start making monthly deposits tomorrow in an index fund of the Wilshire 5000 and assume it will return 8% compounded monthly, how much must you save each month to retire with $1.5 million?

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