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Suppose you start to pay monthly premiums for a pension fund scheme at age of 25 and continue to pay until you are 60 when
Suppose you start to pay monthly premiums for a pension fund scheme at age of 25 and continue to pay until you are 60 when you retire (for 35 years). You make monthly USD payments. Assuming 6% annual interest rate for USD, what should your Monthly Payments be for you to be a dollar-millionaire (USD 1 million) at retirement? (12 points)
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