Calculate the amount naomi

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Naomi is a? 20-year old college student with an assignment to write out her plans for retirement. She is investigating several ways she can accumulate? $1 million by the time she is 50 years old. She is considering a? long-term certificate of deposit? (CD) that pays 2?% annually and an annuity that returns 3?% annually. She also did research and found that the average? long-term return from stock market investments is between 7?% and 9?%.

-Calculate the amount Naomi will need to deposit each year into the CD at 2?% for 30 years to accumulate? $1 million.

Reference no: EM132680377

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