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This problem involves using the future value formula for regular savings deposits. The formula for the future value $ FV $ of monthly contributions is:

\[
FV = P \times \frac{(1 + r/n)^{nt} - 1}{r/n}
\]

Where:
- $ P $ is the monthly contribution (what we need to find),
- $ r $ is the annual interest rate (in decimal form),
- $ n $ is the number of compounding periods per year,
- $ t $ is the number of years,
- $ FV $ is the future value you want to reach.

### Given:
- $ FV = 1,100,000 $ (target amount),
- $ r = 0.06 $ (6% annual interest rate),
- $ t = 27 $ years (time until retirement),
- $ n = 12 $ (monthly contributions, so 12 compounding periods per year).

We need to solve for $ P $, the monthly contribution. Let's compute it.You should invest approximately **$1,363.84** each month to reach your goal of $1.1 million in 27 years with an APR of 6%.

Do you want more details or have any questions about this calculation?

Here are 5 related questions:
1. What happens if the interest rate changes to 5% or 7%?
2. How much would you need to invest if you had only 20 years until retirement?
3. What would the total investment be without any interest (simple savings)?
4. How much interest would you earn over the 27 years?
5. What if you could contribute more monthly—how quickly could you retire?

**Tip:** Regularly reviewing your savings plan can help you stay on track to meet your goals.

At age 38, you start saving for retirement. If your investment plan pays an APR of 6% and you want to have $1.1 million when you retire in 27 years, how much should you deposit monthly?

Learn how to calculate the monthly deposit needed to save $1.1 million for retirement in 27 years with a 6% annual interest rate. This problem involves the savings plan formula and compound interest calculations. Perfect for college-level students or those planning their retirement.

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