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A 2 8 year - old person plans to have $ 1 , 2 5 0 , 0 0 0 in retirement savings at age

A 28 year-old person plans to have $1,250,000 in retirement savings at age 65. The person currently has $8,000 in savings and plans on earning 8%/year on all savings. How much will the person have to save per year to have the desired amount at 65?

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