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Korwynn is going to retire in 3 years. He will make 30 annual withdrawals from his savings with the first withdrawal occurring at t=3 and
Korwynn is going to retire in 3 years. He will make 30 annual withdrawals from his savings with the first withdrawal occurring at t=3 and the last withdrawal at t-32. He wants each withdrawal to have the same purchasing power as $120,000 has today. Inflation is expected to be 2% per year. His savings account earns 5% per year. How much needs to be in his savings account today in order to make the 30 withdrawals? (Round to the nearest dollar throughout.) A $2.236,542 B. $1,613,647 C. $3,850,188 D. $4.244,833 E. $2,606,993
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