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Richard wants to have an annual retirement income of $ 1 0 0 , 0 0 0 ( payable at the beginning of each year

Richard wants to have an annual retirement income of $100,000(payable at the beginning of each year) protected against 3% inflation. Assuming a 7% after-tax rate of return and a retirement period of 30 years, how much money (rounded) does Richard need in order to meet his goal?

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