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1. Peggy, a 35-year old who earns 50,000 a year, pays 7 65% of her gross pay in FICA (Payroll tax) and saves 10% of

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1. Peggy, a 35-year old who earns 50,000 a year, pays 7 65% of her gross pay in FICA (Payroll tax) and saves 10% of her annual gross income. Assume Peggy wants to maintain her exact pre- retirement lifestyle, Calculate her wage replacement ratio using the top-down approach

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