What lump-sum amount would you have to have invested today, Financial Management

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What lump-sum amount would you have to have invested today

Assume a 9.83% discount rate, what lump-sum amount would you have to have invested today in order to achieve your $1,000,000 goal at the age of 60 if you are 30. (Hint: use a 30 year for NPER)

Compare this amount with the amount invested in problem 2 to obtain $ 1,000,000. What important principle of retirement investing does this demonstrate?

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