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If Elmo were to retire today, he desires a standard of living that would require $5,000 per month. However, he will retire 57 years from

If Elmo were to retire today, he desires a standard of living that would require $5,000 per month. However, he will retire 57 years from now. The average inflation rate is expected to be 3%/year. How much income will he need in his first month of retirement so that he can buy the amount of goods and services as $5000 would buy today?

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