Question
You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local
You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local banki that pays 9% annual interest. The client wants to deposit an amount that will provide her with $1,004,500 when she retires. Currently, she has $301,800 in the account. (EV of $1. PV of $1. EVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) How much additional money should she deposit now to provide her with $1,004,500 when she retires? (Round your answer to nearest whole dollar) Additional deposit amount
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