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5) Given Salary = 120,000 Desired WRR = 80% Expected SS = 20,000 Remaining work years = 20 Expected retirement years = 15 Current savings

5) Given

Salary = 120,000

Desired WRR = 80%

Expected SS = 20,000

Remaining work years = 20

Expected retirement years = 15

Current savings = 10,000

Investment r = 8%

Inflation = 3%

f) What annual savings needs to be done for the 20 years to save up and reach the cost in d, not including the effect of current savings?

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