Question

You expect to retire in 25 years. After you retire, you want to be able to...

You expect to retire in 25 years. After you retire, you want to be able to withdraw $4,500 from your account each month for 30 years.

If your account earns 9% interest compounded monthly, how much will you need to deposit each month until retirement to achieve your retirement goals? (Round to the nearest cent.)

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