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Eddie plans on retiring in 40 years by purchasing a house on the coast. He estimates he will need $1,200,000 saved at that time and

Eddie plans on retiring in 40 years by purchasing a house on the coast. He estimates he will need $1,200,000 saved at that time and is starting now. What payment would Eddie need to make yearly into a savings account with a tax-rate of 35% and an average market return of 5%?

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