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What is the amount that needs to deposit annually

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Problem 1: Kira Cheung, who wants to be a millionaire, plans to retire at the end of 40 years. Kira's plan is to invest her money by saving a certain amount of money each year. What is the amount that she needs to deposit annually in order to accumulate $1 000 000? Assume that the account will earn an annual rate of 11.5%. Round off to the nearest $1.

Reference no: EM132616611

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