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john wants to have $ 2,000,000 for retirement in 45 years. he invest in a mutual...

john wants to have $ 2,000,000 for retirement in 45 years. he invest in a mutual fund. paying an average of 955 each year compounded quarterly. How much should he deposit into his mutual fund?

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Answer #1
Average annual return = $955
Total return for 45 years = $955*45 =$42975
Amount to be deopisted now = $2000000-42975
$         19,57,025
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