You put aside your first year to make your goal

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You are planning your retirement and estimate that you will need $5,000,000 forty-five years from now. During these forty-five years, your income is expected to continuously increase so every year you'll set aside 3% more for retirement than the previous year. The annual return is 7% for all years. How much money should you put aside your first year to make your goal?

Reference no: EM131896536

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