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How much money would have to put into a bank today

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Problem 1: ASSUME that in 25 years you will need $500,000 for your retirement (i.e. retirement is actually 25 years away, and you want to have saved $500,000). How much money would you have to put into a bank today to accumulate this if your money will earn 9.4% per year (assume annual compounding)?

Reference no: EM132965294

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