Use the savings plan formula to answer the following question. At age 40, you start saving for retirement. If your investment plan pays an APR of 7% and you want to have $1.2 million when you retire in 25 years, how much should you deposit monthly You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)

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Use the savings plan formula
answer the following question.
At age 40, you start saving for retirement. If your investment plan pays an APR of 7% and you want to have $1.2 million when you retire in 25 years, how much should you deposit monthly?
You should invest $ each month.
(Do not round until the final answer. Then round to two decimal places as needed.)
Transcribed Image Text:Use the savings plan formula answer the following question. At age 40, you start saving for retirement. If your investment plan pays an APR of 7% and you want to have $1.2 million when you retire in 25 years, how much should you deposit monthly? You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)
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