You want to have 07 million in real dollars in an account, Financial Management

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You want to have 07 million in real dollars in an account

You want to have $0.7 million in real dollars in an account when you retire in 30 years. The nominal return on your investment is 9 percent and the inflation rate is 5 percent. What is the real amount you must deposit end of each year to achieve your goal? Assume annual compounding.

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Financial Management: You want to have 07 million in real dollars in an account

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