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You want to have $2.5 million in real dollars in an account when you retire...

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Finance

You want to have $2.5 million in real dollars in an account when you retire in 40 years. The nominal return on your investment is 14 percent and the inflation rate is 4 percent. What real amount must you deposit each year to achieve your goal?

  • $6,269.43

  • $1,862.86

  • $6,582.90

  • $6,520.20

  • $5,955.95

Answer & Explanation Solved by verified expert
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