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Patricia and Scott are ready to retire. They want to receive the equivalent of $30,000 in today's dollars at the beginning of each year for
Patricia and Scott are ready to retire. They want to receive the equivalent of $30,000 in today's dollars at the beginning of each year for the next 20 years. They assume inflation will average 4% over the long run, and they can earn an 8% compound annual after-tax return on investments. What lump sum do Patricia and Scott need to invest today to attain their goal?
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