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A person currently 20 years of age would like to retire at age 60. An amount of $500,000 is the targeted amount for savings. At

  1. A person currently 20 years of age would like to retire at age 60. An amount of $500,000 is the targeted amount for savings. At present, $2,000 already saved. There is a 9% annual return. How much is needed to invest annually to reach this goal?
  1. $1,583
  2. $1,293
  3. $1,473
  4. None of the above

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