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10)You are 25 years old now and want to start saving for your retirement. You...

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Finance

10)You are 25 years old now and want to start saving for your retirement. You plan to retire at the age of 65. Your retirement account will be the only source of income for you when you will retire. Your estimate of your expenses when you retire is $3,500 per month for at least 20 years (240 months). How much money do you need to put in your retirement account at the end of each month so that your savings will cover your expenses when you retire? Your retirement account pays 5% interest.

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