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Please solve using EXCEL. Katie is currently 25 years old. She plans on retiring in 35 years and has determined that she will need a
Please solve using EXCEL.
Katie is currently 25 years old. She plans on retiring in 35 years and has determined that she will need a total of $5,000,000 at retirement. Katie has decided to postpone saving for retirement. Her plan is to make her first contribution to her retirement account when she turns 36, which will be 11 years from today. She will make a total of 25 annual contributions to the account. She expects to earn 7% compounded annually prior to retirement. What is the amount of her annual contribution?
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