John is 25 years old and wishes to retire in 30 years his, Financial Management

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John is 25 years old and wishes to retire in 30 years his

John is 25 years old and wishes to retire in 30 years. His plan is to invest in a mutual fund earning a 12 percent annual return and have a $1 million retirement fund at age 55. How much must he invest at the end of each year to achieve this goal? Will the annual saving amount be different, and if so, by how much, if John makes the payments at the beginning of the year?

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