Planning on retiring-what is the amount of the first payment

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Reference no: EM131963095

You are planning on retiring in forty years and wish to have $3,600,000 at that time. You will make your first payment in one year and then increase your payments by 2.36 percent annually thereafter. If you invest in a fund paying an annual percentage rate (APR) of twelve percent, compounded semiannually, what is the amount of the first payment necessary to reach your objective.

Reference no: EM131963095

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