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Dave is 22 years old and would like to retire at age 60 , having accumulated a retirement fund from which he can draw $120,000

Dave is 22 years old and would like to retire at age 60 , having accumulated a retirement fund from which he can draw $120,000 per year . How much will he need to deposit each month in order to do this? Assume a constant APR of 7%.

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SOLUTION Dave wants to retire at age 60 He is currently 22 years old so he has 60 22 38 ... blur-text-image

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