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Barry, age 4 5 , works for an advertising company, where he earns $ 7 5 , 0 0 0 . Barry would like to

Barry, age 45, works for an advertising company, where he earns $75,000. Barry would like to retire at age 65. He earns 9% on his investments, and inflation has averaged 3% annually. Assuming he is expected to live until age 90 and he has a wage replacement ratio of 80%(in today's dollars), how much will Barry need to have accumulated when he retires to maintain his current lifestyle during retirement?
A)
$1,863,311
B)
$1,490,649
C)
$1,100,265
D)
$2,322,382

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