Time-period you expect inflation to average

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Your current age is 22 and you plan to retire at age 67. At retirement you want to have a “nest egg” of $3 million in today’s buying power. Over that time-period you expect inflation to average 3% per year. If you can earn 3.0% APR, compounded monthly, in your investment account, how much do you have to invest in nominal terms each month for the 45 year time-period?

Calculate your answer to the nearest dollar

Reference no: EM131442506

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