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please show work neatly 5. You want to have $2.5 million in real dollars (HINT: it means we need to use the real interest rate
please show work neatly
5. You want to have $2.5 million in real dollars (HINT: it means we need to use the real interest rate in the calculation) in an account when you retire in 40 years. The nominal return on your investment is 10.3% and the inflation rate is 3.7% (HINT: do not use the approximation when finding the real interest rate). What real amount must you deposit each year to achieve your goal? [10 pts]Step by Step Solution
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