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Use the savings plan formula to answer the following question. At age 37, you start saving for retirement. If your investment plan pays an APR

Use the savings plan formula to answer the following question.

At age 37, you start saving for retirement. If your investment plan pays an APR of 4% and you want to have $1.4 million when you retire in 28 years, how much should you depositmonthly? You should invest $ _____ each month. (Do not round until the final answer. Then round to two decimal places asneeded.)

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