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Ann would like to receive $40,000, adjusted for inflation, at the beginning of each year for the next 30 years. She expects her investments to
Ann would like to receive $40,000, adjusted for inflation, at the beginning of each year for the next 30 years. She expects her investments to earn 7% and inflation to average 3%. What is the lump sum Ann will need to generate this income?
A) $701,571
B) $691,681
C) $496,361
D) $728,817
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