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Jose Marie and his wife, Ayna, want to ensure that they do not outlive their money. They want to make end-of-year withdrawals that start at

Jose Marie and his wife, Ayna, want to ensure that they do not outlive their money. They want to make end-of-year withdrawals that start at $80,000 after tax and increase by 4 percent per year. They can earn an annual effective rate of 7.2 percent after tax. How much do they need to have invested to make withdrawals that last forever?

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