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You are a financial adviser working with a client who wants to retire in eight...

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Accounting

You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 9 percent annual interest. The client wants to deposit an amount that will provide her with $1,006,000 when she retires. Currently, she has $302,400 in the account.

Note: Use the appropriate factor(s) from the tables provided.

Required: How much additional money should she deposit now to provide her with $1,006,000 when she retires?

Note: Round your intermediate calculations and final answer to nearest whole dollar.

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