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Posted: June 15th, 2022
You decide to wait for five years before saving money toward retirement
You decide to wait for five years before saving money toward retirement. You then wish to save a certain amount each year for 30 years, at which time you hope to have saved $1,500,000. If you invest in an account that earns 8% annual interest, how much must you invest each year to meet your goal? A timeline depicting this situation follows.
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