1. . Carolyn and Jim are planning on retiring next year when they turn 65.
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3. (i) They estimate that they will need $62235 per year when they retire to cover their expenses, travel and taxes.
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5. (ii) They will need this income each year until they die at age 95.
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7. (iii) They are currently earning a rate of return of 5% on their investments and the rate of inflation is 2%.
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9. (iv) What amount of money will they need when they retire next year to fund their retirement?
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