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Gene is planning for retirement

Finance

Gene is planning for retirement. He believes he will need $5,750 a month (payable at the end of each month) for approximately 20 years after retirement. He has 25 years remaining until his retirement starts, and during this time he will deposit an annual amount into his company’s retirement plan at the beginning of each year. Assuming his investment will earn 11% (nominal APR), compounded monthly, throughout both time periods, how much will Gene need to save each year before retirement? Use financial calculator

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