You are 20 years old and you would like to have 1000000 in, Microeconomics

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You are 20 years old and you would like to have 1000000 in

Question: You are 20 years old, and you would like to have $1,000,000 in your retirement savings account when you are 60 years old. You need to start saving for retirement right away because of the time value of money. How much money should you save annually if you can expect 7% on your interest retirement account?

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