octored Exams

rtal

norlock

izzes

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You hope to retire in $23$ years. When you do$,$ you would like to have the purchasing power of $$125,410$ today, during each year of retirement. Your cash is needed at the beginning of each year of retirement. Inflation is expected to be $2\%$ per year from now until the end of your retirement. Your retirement will last $25$ years. You expect your $401K$ to earn $9\%$ per year during your retirement years. How much money do you need at the beginning of your retirement years, to "just meet" your retirement needs? $($Round your answer to three decimal places. For example $1\mathrm{.}23450$ or $1\mathrm{.}23463$ will be rounded to $1\mathrm{.}235$ while $1\mathrm{.}23448$ will be rounded to $1\mathrm{.}234).$