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Joseph hopes to retire in 35 years. He has the expectation that long-term average inflation will be 3.5%. Joseph wants to receive income of what

Joseph hopes to retire in 35 years. He has the expectation that long-term average inflation will be 3.5%. Joseph wants to receive income of what is equivalent today to $30,000 annually. What will be the future value of the amount Joseph wishes to receive? In other words, how much will Joseph need in 35 years to have that amount?

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