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Question: At age 22, Aruam Sdlonyer receives a $4000 IRA from her parents. At age 30, she decides that at age 67 she'd like to have a retirement fund that would pay $20,000 at the end of each month for 20 years. Suppose all investments earn 8.4%, compounded monthly. How much does Aruam need to deposit at the end of each month from ages 30 to 67 to realize her goal?

Engineering Mathematics, Engineering

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