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Given: Amount at retirement=$600,000Time=25 yearsRate of interest=0.10

Answered: Suppose you want to have $600,000 for…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose you want to have $600,000 for retirement in 25 years. Your account earns 10% interest. How much would you need to deposit in the account each month?