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How much should you deposit each month

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Question - You plan to retire with $8,000,000 in 38 years. How much should you deposit each month into an account that pays 9% annual rate compounded monthly? (Note: Compounding frequency is the same as the deposit frequency. Answers are rounded.)

$2,056

$1,124

$1,276

$1,709

$1,198

$1,080

Reference no: EM132051619

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