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Tom wants to have $ 1 , 0 0 0 , 0 0 0 in his retirement account when he retires. While he has nothing

Tom wants to have $1,000,000 in his retirement account when he retires. While he has nothing in his retirement account yet, he plans to make an equal amount of deposit into the account at the end of each year for the next 30 years. Suppose his account earns a5% annual return. How much does he need to deposit annually to achieve his goal.

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