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Majide has nothing saved for retirement. He wants to receive $73,000 each year for 6 years during retirement. The first of these payments will be
Majide has nothing saved for retirement. He wants to receive $73,000 each year for 6 years during retirement. The first of these payments will be received in 5 years. Majide can earn a return of 12.70 percent per year. How much does Majide need to save each year for 5 years to have exactly enough to meet his retirement goal if he makes his first annual savings contribution later today and all savings contributions are equal?
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