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FIN 4414 – Bill plans to fund his individual retirement account (IRA)

01 / 10 / 2021 Projects

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FIN 4414 – Bill plans to fund his individual retirement account (IRA)

1.) Bill plans to fund his individual retirement account (IRA) with the equal amount contribution at the end of year for the next 20 years. If Bill can earn 12 percent on his contributions and he wants to accumulate $1,000,000 at the end of twentieth year. How much does he need to contribute each year to achieve his goal?



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