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Planning for Retirement . Suppose that you are currently 25 years of age and plan to retire in 34 years. You have developed a lifetime

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Planning for Retirement . Suppose that you are currently 25 years of age and plan to retire in 34 years. You have developed a lifetime budget and this budget requires that you achieve both of the following financial goals when you retire: have $79,000 as an emergency fund, which will be deposited into a savings account also have enough savings for retirement, which will be deposited into a fix-income investment account that pays 6% annual interest. Your deposit should be enough for you to make an $79,000 withdrawal at the end of year every year. Assume that you just open an investment account that promises to pay 12% interest compounded annually. You want to deposit equal annual amounts into this account every year for 34 years, starting a year from now. In order to meet both of your financial goals, how much will each of your annual deposit have to be? Round all your calculations to the nearest $1, i.e., whole number

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