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What is the amount of initial contribution

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Rob is saving for retirement immediately and wants to retire in 43 years. He will make an annual contribution into his retirement account. The contribution will be made at the end of each year. He expects to earn 6% compounded annually prior to retirement. After the initial contribution Samuel plans on increasing his annual contributions by 4% each year. He needs $1,250,000 at retirement. What is the amount of his initial contribution?

Reference no: EM133113112

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