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April 20, 2014

Homework Help: Finance

Posted by Juice on Sunday, October 30, 2011 at 11:29pm.

Meg's pension plan is an annuity with a guaranteed return of 7% interest per year (compounded monthly). She would like to retire with a pension of $90000 per month for 25 years. If she works 33 years before retiring, how much money must she and her employer deposit per month? (Round your answer to the nearest cent.)

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