Planning for retirement

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Suppose that you are planning for retirement. You plan to work for 25 years. For the next 15 years, you can save $6,000 per year (with the first deposit being made at the end of the first year). How much will you have to save each year in years 16 through 25 so that you have exactly $1,000,000 saved up when you retire? Assume that the annual discount rate is 8%.

Reference no: EM133227694

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