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How much would you need to save

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Question - Suppose that at time 29 you will receive a retirement bonus of $10,000 from your company. If the annual percentage rate (APR) is expected to be 14 percent, compounded monthly, from now until time 29, how much would you need to save at the end of each month in order to be able to make the desired withdrawals at retirement (i.e., in order to have $1,232,258.65, including the bonus, saved at time 29)?

Reference no: EM132928055

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