Ronaldo is 32 years old and will retire at age 65. He will receive retirement...
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Ronaldo is 32 years old and will retire at age 65. He will receive retirement benefits, but the benefits are not going to be enough to make a comfortable retirement life for him. He has estimated that an additional $25,000 a year over his retirement benefits will allow him to have a satisfactory life. Assume he will have 15 years after his retirement. How much should Ronaldo deposit today in an account paying 9 percent interest to meet his goal?
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