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After retirement, you expect to live for 25 years. You would like to have $75,000 in income each year and leave nothing behind for your
After retirement, you expect to live for 25 years. You would like to have $75,000 in income each year and leave nothing behind for your descendants when you pass away. How much should you have saved in your retirement account to receive this income, if the interest is 9% per year? Assume your first withdrawal will be made on the day you retire, so you can begin to use your money immediately to pay your bills.
A) $736,693.47
B) $744,672.91
C) $802,995.88
D) $811,693.47
E) $6,924,298.27
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