### How much must be deposited monthly between ages 24 and 66

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##### Reference no: EM13318686

You wish to retire at age 66 and at the end of each month thereafter for 30 years, to receive \$5000. Assume that you begin making monthly payments into an account at age 24. You continue these payments until age 66. If the interest rate is constant at 7.5% annually, how much must you deposit monthly between ages 24 and 66?

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