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Problem 5-42 Retirement Savings (LO3) You believe you will need to have saved $600,000 by the time you retire in 40 years in order to

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Problem 5-42 Retirement Savings (LO3) You believe you will need to have saved $600,000 by the time you retire in 40 years in order to live comfortably. If the interest rate is 7% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual savings

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