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 DeMarcus wants to retire with​ $1 million in savings by the time he turns 70. He...

 DeMarcus wants to retire with​ $1 million in savings by the time he turns 70. He is currently 18 years old. How much will he need to save each​ year, assuming he can get a 10​% annual return on his​ investments?

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Answer #1

Using financial calculator input

FV=1000000

N= 70-18= 52

I/Y=10

Solve for PMT as -709

Hence annual saving = $709

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