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Instructions: Type your answers and show your work (if you are using a financial calculator or excel, please provide your inputs) Sam has $2 million
Instructions: Type your answers and show your work (if you are using a financial calculator or excel, please provide your inputs)
Sam has $2 million saved for retirement. He expects to retire in 7 years. His retirement fund is expected to earn a nominal rate of 7%, and the inflation rate is estimated at 3%. How much money (in millions) should Sam have when he retires, in real dollars? (10 points)
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