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Problem 5 Mr. Adam is planning to his retirement after 18 years so he will save $x dollars now in an investment fund to

Problem 5 Mr. Adam is planning to his retirement after 18 years so he will save $x dollars now in an investment fund to have an amount that would have the same purchasing power as $1 million today. If the average market interest rate is 8% per year while the average inflation rate is 3% per year, what amount must he deposit now? (i.ex =?)

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