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After retirement, you expect to live for 25 years. You would like to have $75,000 income each year. How much should you have saved in

After retirement, you expect to live for 25 years. You would like to have $75,000 income each year. How much

should you have saved in your retirement account to receive this income, if the annual interest rate is 9 percent

per year? (Assume that the payments start on the day of your retirement.)

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