Deposit each month into an account

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a. You are planning for retirement, and would like to have $1,000,000 in the bank when you turn 65. (Assume that you just barely turned 25). How much should you deposit each month into an account earning 6% nominal interest per year, compounded monthly, to reach your goal?

b. How much would you have to deposit each month, if the account earned 12% nominal interest per year, compounded monthly?

Reference no: EM13858705

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