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Approximately how much must be saved for retirement in order to withdraw $100,000 per year for the next 25 years if the balance earns 8%
Approximately how much must be saved for retirement in order to withdraw $100,000 per year for the next 25 years if the balance earns 8% annually, and the first payment occurs one year from now?
a.
$1,067,000
b.
$1,250,000
c.
$2,315,000
d.
$2,500,000
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