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12. Assume a client wants to retire in 12 years with the equivalent of $50,000 annually in today's dollars. Further, inflation is estimated to average

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12. Assume a client wants to retire in 12 years with the equivalent of $50,000 annually in today's dollars. Further, inflation is estimated to average 3% over the 1st 5 years and 4% thereafter until retirement. What must be the amount of Ist-year retirement income? (Round your answer to the nearest dollar.) A. $76,277 B. $59,920 C. $72,201 D. $75,553

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