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After retirement, you expect to live for 25 years. You would like to have $50,000 income each year. How much should you have saved in

After retirement, you expect to live for 25 years. You would like to have $50,000 income each year. How much should you have saved in your retirement account to receive this income, if the annual interest rate is 12 percent per year? (Assume that the payments start on the day of your retirement.)

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