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Back to 6.4 Compound Interest

6.4 Exercise 13

Avg difficulty 2.5

Pilar plans early for retirement, believing she will need $1,500,000 to live comfortably after the age of 67. How much will she need to deposit at age 23 in an account bearing 6.35% annual interest compounded monthly?

OpenStax Contemporary Mathematics, 6.4 Compound Interest, exercise 13

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.