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You plan to retire with $800,000 in 20 years.How much should you deposit each month into an account that pays 9.5% annual rate compounded monthly?

  1. You plan to retire with $800,000 in 20 years.How much should you deposit each month into an account that pays 9.5% annual rate compounded monthly? (Note: Compounding frequency is the same as the deposit frequency. Answers are rounded.)
  2. $1,198
  3. $2,056
  4. $1,709
  5. $1,080
  6. $1,124
  7. $1,276

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