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Hello, I need help solving and understanding this problem in finance. Please assist. An individual is currently 30 years old, wants to work until the

Hello, I need help solving and understanding this problem in finance. Please assist.

An individual is currently 30 years old, wants to work until the age of 66 and plans on dying at the age of 90. How much will the individual need to have saved by the time he or she is 66 if he or she plans on spending $40,000 per year while retired? You can assume the individual can earn an interest rate of 5.0% and the $40,000 is in addition to any Social Security that may be received. How much will he or she have to set aside each year to amass this amount? Show your work.

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