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This exercise compares the effect of the starting age in building a retirement account. How much should be invested annually to have a retirement fund
This exercise compares the effect of the starting age in building a retirement account. How much should be invested annually to have a retirement fund of $1,000,000 at age 65? Assume 6% interest. Each of the following ages is the age at which the annuity is established. Find the annual investment required in each case. (Round your final answers to two decimal places.) (a) 25 years $ (b) 30 years $ (c) 40 years $ (d) 45 years $ (e) 50 years
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