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2. Suppose that an individual wished to save enough to fund $4,000 per month (in today's purchasing power) for 30 years of retirement. The fund
2. Suppose that an individual wished to save enough to fund $4,000 per month (in today's purchasing power) for 30 years of retirement. The fund they invest in is expected to earn a 6.5%AR. Assume that the individual is 35 years from retirement. At retirement the individual is going to switch the retirement funds into a less risky investment earning 3% AR. Find the level of the monthly savings (in current dollars) that will be required
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