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Today is Tommy's 20 th birthday and he determines to become a millionaire by age sixty.He plans to start saving annually at his 20 th

Today is Tommy's 20^th birthday and he determines to become a millionaire by age sixty.He plans to start saving annually at his 20^th birthday for 40 years. He anticipates an annual return of 4.5% on his investments.

How much does he need to save annually to be a millionaire at his sixty birthday?

If he saves monthly for 40 years, how much does he need to save monthly to achieve his goal?

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