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Jenny is planning for her retirement. For the next 30 years, she wants to receive an annual payout that starts at $35,000 and then receive

Jenny is planning for her retirement. For the next 30 years, she wants to receive an annual payout that starts at $35,000 and then receive an annual Cost-of-Living Adjustments of 8%. If Jenny's savings accrue 9% interest annually,

(a) How much principal does Jenny need in order to afford her payout annuity goal?

(b) How much will Jennys payout be in the third year?

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