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Question 22 (3 points) Kim is planning for her retirement. She plans to retire in 30 vears and expects to live for 25 years after
Question 22 (3 points) Kim is planning for her retirement. She plans to retire in 30 vears and expects to live for 25 years after that. During her retirement, she feels that she will need a monthly income of $3,250 per month at the beginning of each month. She will fund her retirement from her retirement savings plan (RSP). She already has $10,000 in the account and will make month-end contributions from now until the day she retires. Calculate the amount of those contributions if she wants to save enough to fully fund her retirement withdrawals. Assume the deposits continue up to and including the day she retires and that the withdrawals begin on the day she retires. Assume that her retirement account will earn j12=4.8% while she is saving and while she is retired. On your worksheet, clearly label and show your work (including your timeline) for each step (formulas or calculator inputs). Your
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