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How much must they invest at the end of each year

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Question - You plan to retire in 25 years and you have estimated that you will require an amount of $1,300,000 to live comfortably in retirement. You will make 25 equal annual payments into an account at the end of each year. If you can earn 9% on your savings, compounded annually, over the next 25 years, how much must they invest at the end of each year for the 25 years to have $1,300,000 by retirement?

Reference no: EM133132315

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