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By how much you have to increase your future contributions

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Question - You want to save for retirement by making 20 equal annual contributions of $20,000/year starting next year. Unfortunately, you had to miss your 8th contribution. To compensate for this, you have decided to increase your contributions for the remaining 12 years (from t=9 till t=20). By how much you will have to increase your future contributions so that you will accumulate the same amount on your retirement account. Assume the annual interest rate (with annual compounding) is 8%.

Reference no: EM133091452

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