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6. Marilyn wishes to retire at age 65 with $2,000,000 in the bank. At the age of 21, she decides to begin depositing money in

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Answer #1

Assuming end of period payments

Using financial calculator
Input: FV=2000000

N=(65-21)*12 = 528

I/Y= 11/12

Solve for PMT as -149.40

Monthly payment = $149.40

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