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How much additional money should she deposit

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Question - You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 8% annual interest. The client wants to deposit an amount that will provide her with $1,005,000 when she retires. Currently, she has $302,000 in the account.

How much additional money should she deposit now to provide her with $1,005,000 when she retires?

Reference no: EM132499194

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