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How much will have to save at the end of each month

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Your friend is 22 years old and wishes to retire as a millionaire by the time he turns 72. (With life spans increasing, and the pension fund being depleted by baby boomers, the retirement age will have invariably risen by the time she reaches 65 years of age, probably to something even higher than 70, actually.)

Problem 1: How much will he have to save at the end of each month if she can earn 5% compounded annually, tax-free, to have R 1,000,000 by the time he is 72?

Reference no: EM132841415

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