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2.) Your Uncle Bob wants to retire in 20 years when he reaches age 66. He knows that you are taking a course in Personal

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2.) Your Uncle Bob wants to retire in 20 years when he reaches age 66. He knows that you are taking a course in Personal Finance and asks for your help in his retirement planning. When he begins his retirement at age 66, he wants to receive $48,000 a year for the next 25 years from his personal retirement account. How much does he have to accumulate in his retirement account at age 66 in order to provide the desired income, if a 25 year annuity can be purchased when he turns 66 which earns a 4.5% guaranteed return? If Uncle Bob currently has $25,000 in his tax sheltered retirement account, how much more does he have to invest per month into his tax sheltered retirement account to accumulate the money needed, if the annual rate of return averages 8% on his account

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