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John and Janet need to save $176,410 in order to eliminate their net income gap. If they plan to retire in 8 years and have

John and Janet need to save $176,410 in order to eliminate their net income gap. If they plan to retire in 8 years and have a life expectancy of 20 years after they retire, how much must they save each year? Assume a 3.25% p.a. rate of return.

A. $19,663.12. B. $12,254.62. C. $6,745.03. D. $6,399.94. E. $4,439.00.

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