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A couple will retire in 50 years; they plan to spend about $20,000 a year in retirement, which should last about 25 years. They believe

A couple will retire in 50 years; they plan to spend about $20,000 a year in retirement, which should last about 25 years. They believe that they can earn 9% interest on retirement savings.

If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year.

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