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You are planning on retiring in thirty-seven years and wish to have $3,500,000 at that time. You will make your first payment in one year
You are planning on retiring in thirty-seven years and wish to have $3,500,000 at that time. You will make your first payment in one year and then increase your payments by three percent annually thereafter. If you invest in a fund paying an annual percentage rate (APR) of ten percent, compounded quarterly, what is the amount of the first payment necessary to reach your objective.
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