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You Want to Have $5 Million When You Retire in 40

Question 14

Multiple Choice

You want to have $5 million when you retire in 40 years. You believe you can earn 9 percent per year on your investment. How much must you invest each year to achieve your goal when you retire? (Ignore all taxes.)


A) $10,412
B) $11,619
C) $14,798
D) $15,295
E) None of these choices are correct.

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