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You are saving for retirement. To live comfortably, you decide you will need to save $ 2 million by the time you are 6 5
You are saving for retirement. To live comfortably, you decide you will need
to save $ million by the time you are Today is your th birthday, and
you decide, starting today and continuing on every birthday up to and
including your th birthday, that you will put the same amount into a
savings account. If the interest rate is how much must you set aside
each year to make sure that you will have $ million in the account on your
th birthday?
The amount to deposit each year is $
Round to the nearest dollar.
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