Jill has a balance of $928,000 in her retirement savings account. She expects to retire...
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Jill has a balance of $928,000 in her retirement savings account. She expects to retire in 8 years. She will not save any additional money until she retires, but what she has in savings now will earn 7% for the next 8 years. Bob has a balance of $381,000 in his retirement savings and he also wants to retire 8 years from now. He plans to save money every year for the next 8 years so that he will have exactly as much money as Jill does 8 years from now. If he earns the same rate on his savings as Jill, how much will he have to save each year for 8 years to catch up with Jill? Round your answer to 2 decimal places, for example 1000.12
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