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Deposits into a retirement account

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Reference no: EM132049416

Suppose a person makes equal deposits into a retirement account for 20 years (with each payment at the end of the year), how much must you deposit each year if the account earns 5% compounded annually and you wish the account to grow to $1,000,000 after 40 years (in time 40)?

Reference no: EM132049416

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