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7. A woman currently has $200,000 in an account growing at 6% per year. She is also saving $30,000 a year and plans to do
7. A woman currently has $200,000 in an account growing at 6% per year. She is also saving $30,000 a year and plans to do so for the next 20 years. Those funds will earn interest at the rate of 5% per year. She plans to retire in 20 years. If she deposits all of her savings at the time of retirement into an annuity paying 2% per year, and she plans to live 35 years after retirement, how much will she have to live on each year during her retirement
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