What should be minimum amount of her monthly pension deposit, Managerial Accounting

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What should be minimum amount of her monthly pension deposit

Problem

Ms. W is 27 years old. She plans to retire at age 68. She plans to make a monthly deposit to her plension account at the end of each month from now until she retires, at age 68. She hopes to accumulate $880,000 in the account at the time of her retirement. Assuming that her pension account can generate a 5.4% annual interest, what should be the minimum amount of her monthly pension deposit?

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Managerial Accounting: What should be minimum amount of her monthly pension deposit

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