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You are saving for retirement. To live comfortably, you decide you will need to save $1,000,000 by the time you are age 65 . Today

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You are saving for retirement. To live comfortably, you decide you will need to save $1,000,000 by the time you are age 65 . Today is your 32 nd birthiay, and you decide, starting today and continuing on overy birthday up to and including your 65 th birthday, that you will put the same amount into a savings account If the interest rate is 8\%, you set aside $6,304 each year to make sure that you will have $1,000,000 in the account on your 65 th birthday. You realize that your plan has a flaw. Because your income will increase over your liteline, it would be more roalistic to save less now and more later. Instead of putting the same amount aside each year, you decide to let the amount that you set aside grow by 10% per year. Under this plan, how much will you put into the accoint today? (Recall that you are planning fo make the first contrbution to the account today.) The first payment is 4 (Found to the noarent doflari)

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