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Mike wants to receive $40,000 per year pretax from his investments for the next 30 years. He is concerned about inflation, which he expects to

Mike wants to receive $40,000 per year pretax from his investments for the next 30 years. He is concerned about inflation, which he expects to average 3 percent. He can earn a pretax rate of 6 percent on his money. How much does he need in an account to generate $40,000 in annual inflation-adjusted income (payments at the end of each year)?

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