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Suppose you wish to retire at the age of 6 0 with $ 8 0 , 0 0 0 in savings. Determine your monthly payment

Suppose you wish to retire at the age of

60

with $

80, 000

in savings. Determine your monthly payment into an IRA if the APR is

5.5 %

compounded monthly and you begin making payments at

20

years old. Round your answer to the nearest cent, if necessary.

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