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Assume that you plan to save $15,000 per year for the next 25 years. Using this financial resource, you wish to fund your retirement expenditure

Assume that you plan to save $15,000 per year for the next 25 years. Using this financial resource, you wish to fund your retirement expenditure for exactly 20 years; and, assume that the annual retirement expenditure will grow 3% per year due to inflation. Assume annual interest rate is 10 percent. Please calculate the retirement expenditure for the first year of the retirement.

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