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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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