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At age43, you start saving for retirement. If your investment plan pays an APR of 5%and you want to have$0.9million when you retire in22 years, how much should you deposit monthly? You should invest$ __ each month.

At age43, you start saving for retirement. If your investment plan pays an APR of 5%and you want to have$0.9million when you retire in22 years, how much should you deposit monthly? You should invest$ __ each month.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 2P
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At age 43, you start saving for retirement. If your investment plan pays an APR of5%and you want to have$0.9million when you retire in22 years, how much should you deposit monthly? You should invest$ each month.
Transcribed Image Text:At age 43, you start saving for retirement. If your investment plan pays an APR of5%and you want to have$0.9million when you retire in22 years, how much should you deposit monthly? You should invest$ each month.
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