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Please show your work Problem 9. (10 points) Peter plans to set up a retirement fund. From age 25 to age 40, Peter will deposit

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Problem 9. (10 points) Peter plans to set up a retirement fund. From age 25 to age 40, Peter will deposit certain amount per quarter into the bank account. After age 40, he will not make further deposit, nor will he make any withdrawal until age 65. If he wants to have $1,000,000 in his account at age 65, how much does Peter need to deposit each quarter if the interest rate is 5% com- pounded quarterly

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