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Annual rate compounded monthly

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You plan to retire with $800,000 in 20 years. How much should you deposit each month into an account that pays 9% annual rate compounded monthly? (Note: Compounding frequency is the same as the deposit frequency. Answers are rounded.)

A. $1,198

B. $1,709

C. $1,080

D. $1,124

E. $1,276

F. $2,056

Reference no: EM131466369

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