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Julio today turned 35 years, and he is planning to save $7,000 at the end of each year. He will invest at ABC Bank with

Julio today turned 35 years, and he is planning to save $7,000 at the end of each year. He will invest at ABC Bank with 7.5% annual interest rate. Julio is planning to retire 30 years from today (at age 65), and he is expecting to live for 27 years after retirement. How much can he spend each year after he retires? (In $)

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