An individual wants to ensure that in 15 years time when, Microeconomics

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An individual wants to ensure that in 15 years time when

Question: An individual wants to ensure that in 15 years' time, when they plan to retire, they will have a pension fund of £240,000. They wish to achieve this by investing a lump sum now, rather than making regular annual contributions. If their investment is expected to grow continuously at an annual rate of 4.5%, how much will they need to invest now?

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