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Q 6-24 Mary, age 21, wishes to save for 40 years to support her retirement at age 62. If she wishes to get $50,000 annually

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Q 6-24 Mary, age 21, wishes to save for 40 years to support her retirement at age 62. If she wishes to get $50,000 annually starting at her 62nd birthday for 30 years, and her investment earns annual effective interest of 6%, find the amount she has to save each year, with the first saving on her 22nd birthday

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