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Use the savings plan formula to answer the following question. At age 3 9 , you start saving for retirement. If your investment plan pays

Use the savings plan formula to answer the following question.

At age

39,

you start saving for retirement. If your investment plan pays an APR of

5 %

and you want to have

1.3

million when you retire in

26

years

,

how much should you deposit

monthly?

You should invest $

____

each month?

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