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Creating a retirement fund Personal Finance Problem To supplement your retirement, you estimate that you...

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Accounting

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Creating a retirement fund Personal Finance Problem To supplement your retirement, you estimate that you need to accumulate $240,000 exactly 37 years from today. You plan to make equal, end-of-year deposits into an account paying 7% annual interest. a. How large must the annual deposits be to create the $240,000 fund by the of 37 years? b. If you can afford to deposit only $1,150 per year into the account, how much will you have accumulated in 37 years? a. The annual deposits to create the $240,000 fund by the end of 37 years should be 5. (Round to the nearest cent.) b. If you can afford to deposit only $1,150 per year into the account, by the end of 37 years you will have $ (Round to the nearest cent.)

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