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You plan to work for 40 years and then retire using a 25-year annuity. You want to arrange a retirement income of $4000 per month.

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You plan to work for 40 years and then retire using a 25-year annuity. You want to arrange a retirement income of $4000 per month. You have access to an account that pays an APR of 7.2% compounded monthly. This requires a nest egg of $555,873.10. What monthly deposits are required to achieve the desired monthly yield at retirement? (Round your answer to the nearest cent.) eBook

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