Retirement account by the time you retire

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Reference no: EM131998091

You want to have 1,000,000 dollars in a retirement account by the time you retire. You have 32 years to get there. You have 5,000 to deposit today into a savings account that pays 9.70% annual interest, compounded monthly. You will also be making monthly contributions. Assuming you make the necessary payments, how much interest will be earned over the next 32 years?

Reference no: EM131998091

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