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ASSUME that in 25 years you will need $500,000 for your retirement (i.e. retirement is actually 25 years away, and you want to have saved $500,000). If you will make equal MONTHLY payments at the end of each MONTH for the next 25 years to fund your retirement, what is the amount of the MONTHLY payments required to fund your retirement? Assume the 8% APR discount rate with monthly compounding for this question only.
a. 3859
b. 3903
c. 570
d. 526
e. insufficient information to compute

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