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You just turned 20 and decide that you would like to save up enough money so as to be able to withdraw $100,000 per
You just turned 20 and decide that you would like to save up enough money so as to be able to withdraw $100,000 per year for 15 years after you retire at age 65, with the first withdrawal starting on your 66th birthday. How much money will you have to deposit each month into an account earning 5% per year (interest compounded monthly), starting one month from today, to accomplish this goal?
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