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QUESTION
You plan to retire with $8,000,000 in 45 years. How much should you deposit each month into an account that pays 9% annual rate compounded monthly?
You plan to retire with $8,000,000 in 45 years. How much should you deposit each month into an account that pays 9% annual rate compounded monthly? (Note: Compounding frequency is the same as the deposit frequency. Answers are rounded.)
A.$2,056
B.$1,198
C.$1,709
D.$1,080
E.$1,276
F.$1,124
