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In planning for retirement, an investor decides he will save $15,000 every year for 40 years. At 12% nominal return on his investment and 3%
In planning for retirement, an investor decides he will save $15,000 every year for 40 years. At 12% nominal return on his investment and 3% annual inflation, how much real purchasing power will he have at the end of 38 years (to the nearest hundred thousand dollars)? Multiple Choice $4,700,000 $11,500,000 $3,700,000 $7,900,000
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