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Elissa Rump, aged 22, has decided to assert her independence and not join the Rump family businesses. Instead she is about to begin her career as a scientist for a government research organisation. Having taken a course in finance as part of her university studies, Elissa knows she should begin saving for retirement immediately.
Required:
Problem 1: If Elissa's first contribution is made one year from today and her last is made the day she retires, how much money must she contribute each year to her retirement fund? (Ignore tax.)
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