Bruce started to deposit $400 per month into a retirement account 15 years ago. You are planning to deposit a fixed amount monthly to another account for the next 15 years. If both you and Bruce have the same nest egg in 15 years, how much would you need to deposit each month? Assume that both accounts pay an APR of 7% compounded monthly.
A) $1397.3
B) $1421.4
C) $1539.6
D) $1645.8
Correct Answer:
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