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Determining the single investment amount

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Mary Garcia, who is 25 years old, wishes to retire with $1,000,000 when she is 45. To accomplish this Mary is going to ask her grandmother for a "nest egg." Assuming she invests the money her grandmother gives her in a mutual fund that is expected to earn 10%, how much money must she get from Granny if she hopes to meet her early retirement goal?

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Solution Summary

Solution determines the single investment amount needed to meet the given financial objective.

Solution provided by:
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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