Question: You estimate that you will need $5,000,000 when you retire in 45 years to finance your retirement. To reach your retirement goal, you will make

You estimate that you will need $5,000,000 when you retire in 45 years to finance your retirement. To reach your retirement goal, you will make a monthly payment into a retirement account. The retirement account pays an APR of 7%.

What must be the size of your monthly payment in order for you to reach your retirement goal?

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