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Sam has just inherited $282,000 which he would like to use as part of his retirement nest egg. Sam has decided that he wants to
Sam has just inherited $282,000 which he would like to use as part of his retirement nest egg. Sam has decided that he wants to retire 6 years from now at age sixty. He would like to know how much of his other funds need be set aside at the age of 60, with his $282,000 inheritance in order to reach his goal of a $74,000 annuity from age sixty for 11 years (until the year he reaches age 70). Sam assumes the funds can continue to earn at a 6.9 percent annual rate compounded annually
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