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Question - Calculating a Retirement Fund - 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 points that pays 9% annual Interest. The client wants to deposit an amount that will provide her with $1,003,000 when she retires. Currently, she has $301,200 in the account (FV of $1, PV of $1. FVA of $1, and PVA of $1). How much additional money should she deposit now to provide her with $1,003,000 when she retires?
Financial Statement Analysis and Preparation
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