Find out the nominal return on investment

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You want to have $5 million in real dollars in an account when you retire in 40 years. The nominal return on your investment is 12 percent and the inflation rate is 5 percent. What real amount must you deposit each year to achieve your goal? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Reference no: EM133072818

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