How much money will he need to save monthly

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Marco is plans to retire in 21 years. He wants you to assume he will be retired for 24 years before he dies. You calculated that Marco needs $1,325,271 as a lump sum at the beginning of retirement. Use an investment return of 9 percent and an inflation assumption of 3.2 percent. How much money will he need to save monthly to have this amount when he begins retirement? (Round the final answer to 2 decimal places)

Reference no: EM133253180

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