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Make an equal annual deposit into retirement account

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You will probably need at least 2,000,000 dollars to retire. The retirement age for you will be at least 67 – at least that is the minimum age for social security. Assume you will make an equal annual deposit into a retirement account at the end of age 23 and will save until the end of age 67. (There are 45 years between these two ages). At an interest rate of 8%, how much do you need to save each year?

Reference no: EM131244805

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