If you can receive 5 interest annually on a savings account, Financial Management

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If you can receive 5 interest annually on a savings account

You plan to retire in 40 years. At that time you want to have a million dollars in savings. If you can receive 5% interest annually on a savings account, what is the fixed amount you have to save each month? How much would you have to save if the money was invested in mutual funds earning 10%?

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Financial Management: If you can receive 5 interest annually on a savings account

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