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Extra Credit John wants to retire in 30 years and estimates his first monthly payout should be $35000 in today's funds. He's planning on a

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Extra Credit John wants to retire in 30 years and estimates his first monthly payout should be $35000 in today's funds. He's planning on a 25-year retirement and his IRA earns 6% APR. He also plans on a 2% COLA to keep up with inflation (assume inflation is also 2%). a. Find the equivalent of $35000 in 30 years. b. Use the COLA formula to calculate the amount needed in the IRA when he retires

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