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Noah and Emma are wondering how much they need to have saved on the day they retire ( 3 0 years from now ) .

Noah and Emma are wondering how much they need to have saved on the day they retire (30 years from now). They plan to withdraw the equivalent of $80,000(today's dollars) each year that they are retired. They expect inflation to average 2.5% per year. (Assume each withdrawal will be 2.5% larger than the prior year's withdrawal). They will be retired for 20 years. They plan on their retirement money earning a return of 8.0% per year during the time they are retired. How much money do they need to have on hand on the day they retire?

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