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Problem THREE: You are planning to retire in 45 years with $3,400,000.00 in your retirement fund. Currently, inflation is expected to be 5.5000% and you

Problem THREE:

You are planning to retire in 45 years with $3,400,000.00 in your retirement fund.

Currently, inflation is expected to be 5.5000% and you expect to earn 12.0000% on your retirement fund.

You are planning to make your first deposit TODAY.

How much will that first deposit need to be to reach your goal of $3,400,000 in 45 years?

Show all calculations without excel please.

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