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determine the annual contributions you need to make into your retirement account ove 627678

Assume that your goal is to retire 20 years from today with $500,000 in your retirement account. At this time, you have $50,000 in your retirement account. You would like to know how much you need to put into your retirement account each year from now until retirement to meet your goal, assuming that your retirement investment account will earn 6 percent interest per year. Assume that you make one payment into your retirement account at the end of each year (although in actual practice, it”s more likely that you make monthly contributions during the course of the year). Determine the annual contributions you need to make into your retirement account over the next 20 years to end up with a $500,000 retirement nest egg.

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