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Use the savings plan formula to answer the following question. At age 4 5 , you start saving for retirement. If your investment plan pays

Use the savings plan formula to answer the following question.

At age

45,

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

7 %

and you want to have $

1.3

million when you retire in

20

years, how much should you deposit monthly?

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