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Marla is planning for her retirement. She is currently 3 7 years old and plans to retire at age 6 2 and live until age

Marla is planning for her retirement. She is currently 37 years old and plans to retire at age 62 and live until age 97. She currently earns $100,000 per year and anticipates needing 80% of her income during retirement. Marla anticipates Social Security will provide her with $15,000 per year at age 62, leaving her with required savings to provide $65,000($100,000 x 0.80- $15,000) annually during retirement. She believes she can earn 11% on her investments and inflation will be 2% per year. How much must Marla save at the end of each year, if she wants to make her last savings payment at age 62 to meet her retirement goal?Marla is planning for her retirement. She is currently 37 years old and plans to retire at age 62 and live until age 97. She currently earns $100,000 per year and anticipates needing 80% of her income during retirement. Marla anticipates Social Security will provide her with $15,000 per year at age 62, leaving her with required savings to provide $65,000($100,000 x 0.80- $15,000) annually during retirement. She believes she can earn 11% on her investments and inflation will be 2% per year. How much must Marla save at the end of each year, if she wants to make her last savings payment at age 62 to meet her retirement goal?

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