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Ian would like to save 2000000 by the time he retires in 40 years. If he believes that he can achieve a 7 rate of return how much does he need to deposit each year to achieve his goal?
Wiki User
∙ 7y ago
$2,000,000/40 yrs = $50,000/year
0.07 x = $50,000
x = $714,285 (assuming no accrual or compounding of interest)
Wiki User
∙ 7y ago
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