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Homer Simpson plans to retire in 25 years (1st withdrawal in year 26). He is told by Ned Flanders that a desirable standard of living

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Homer Simpson plans to retire in 25 years (1st withdrawal in year 26). He is told by Ned Flanders that a desirable standard of living in 26 years will require $180,249 per year. Homer wants to be able to maintain that level of purchasing power forever (Assume inflation = 3% per year). Homer plans to increase his savings by 2% per year and expects to earn 6% per year on his investments. How much does Homer have to save the first year to fund his retirement goal? $67,985 $90,647 $164.795 O $84,537 $109,512

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