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You are saving for retirement. Suppose you want to have one million dollar in your account when you retire in 35 years, and that you
You are saving for retirement. Suppose you want to have one million dollar in your account when you retire in 35 years, and that you will deposit an equal amount of money at the end of each year, with the first payment deposited one year from now. If you investment can earn an average rate of return of 5.3% annually, how much you need to invest each year? ( round to the nearest dollar)
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