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How much will need to deposit in the account

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Problem 1: You are currently 25 years old, and while retirement is not the most pressing matter in your mind you have been thinking about it a lot lately. Specifically, you have heard from friends that it is never too early to begin saving for your retirement. You decide to open a retirement account with a balance of $0.00 that gives you an annual interest rate of 1.75% compounded monthly. You want to retire at age 65 with $1 million. How much will you need to deposit in the account each month to achieve that goal?

Reference no: EM132736351

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