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To supplement your planned retirement in exactly 42 years, you estimate that you need to accumulate $1 million by the end of 42 years from
To supplement your planned retirement in exactly 42 years, you estimate that you need to accumulate $1 million by the end of 42 years from today. You plan to make equal annual end-of-year deposits into an account paying 6 percent interest compounded annually. However, if you can only afford to deposit $5,000 per year, how much will you have accumulated after 42 years?
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