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6. By the time you are 70, you would like to start paying your grandchildren at an annual rate of $50,000, and to their children

6. By the time you are 70, you would like to start paying your grandchildren at an annual rate of $50,000, and to their children in perpetuity. If the annual effective rate is 4% guaranteed, how much would you need to have saved up when the first payment starts on your 70th birthday?

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