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You have just turned 22 years of age and accepted your first job. However, you would like to retire at 59 years of age. Having
You have just turned 22 years of age and accepted your first job. However, you would like to retire at 59 years of age. Having paid attention in your business courses, you have calculated that you will need to save $2 million dollars by age 59 to retire comfortably. How much must you put into your retirement savings account each year (at the end of the year) between now and age 59 (assume an interest rate of 6% annually)?
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