Calculating a Retirement Fund
You are a financial adviser who is 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 and she wants to deposit an amount that will provide her with $900,000 when she retires. Currently, she has $200,000 in the account. How much additional money should she deposit now to provide her with $900,000 when she retires?
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