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Today is your 30 th birthday. You are staring a new job, and you plan to begin saving for retirement. Your goal is to have
- Today is your 30th birthday. You are staring a new job, and you plan to begin saving for retirement. Your goal is to have 4 Million dollars on your 60th birthday (and retire). Starting one year from today (t=1), you will deposit X Million dollars in your investment account. Each year thereafter, you will deposit 2% more than you did the year before, you will make your final deposit on your 60th Birthday (t=35), and this will take your account right to 4 Millions. You expect to earn 6% each year on invested money (r=6%) What is the X amount?
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