Self-employed individual-accumulate retirement fund

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Reference no: EM131870039

Andrea, a self-employed individual, wishes to accumulate a retirement fund of $500,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 2.5%/year compounded monthly, to reach her goal upon retirement 20 years from now? (Round your answer to the nearest cent.)

Reference no: EM131870039

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