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10 Assume that you get a late start on saving for retirement. You are now age 50. You plan to invest $12.000 at the end

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10 Assume that you get a late start on saving for retirement. You are now age 50. You plan to invest $12.000 at the end of the year. You will do the same for 19 more years (20 in all). Because you are behind in your retirement savings you plan to invest in risky securities with a 13% expected return up until age 70. Assume you expect to live to age 85 (15 years of retirement). You will play it safer during retirement and your expected return will be only 6%. What equal amount will you be able to pull from your retirement account at the end of each year such that your account will have a zero balance at the time of your death? Ignore taxes. (6 points) 5 20 95 1

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