How much would have to deposit each year to save up

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Question 1: Tim is 25 years old and plans to retire at age 65. He wishes to have a $500,000 lump sum available at retirement to cover annual living expenses beyond his pension income. If Tim invests in the stock markets and receives an average return of 9% per annum, how much would he have to deposit each year to save up the desired $500,000?

Reference no: EM132864925

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