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Q 6 Kenneth estimates he will need a $ 7 5 , 0 0 0 annual income in today's dollars when he retires 1 0

Q6 Kenneth estimates he will need a $75,000 annual income in today's dollars when he retires 10 years from now. He assumes a 3% annual rate of inflation, a 5% after-tax rate of return on his investments, and a 20-year retirement period. What lump-sum amount should Kenneth accumulate over the next 10 years to support his retirement income need?
a. $2,015,880.
b. $1,657,429.
c. $1,689,612.
d. $1,257,227.

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