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Sandra is planning for retirement. She is currently 4 0 years old, plans to retire at 6 7 , and expects to live to 8

Sandra is planning for retirement. She is currently 40 years old, plans to retire at 67, and expects to live to 88. When she is retired, she would like to receive $1200 a month from her retirement account. She expects to earn 7% interest while she is saving, and after retiring, shell move her savings into safer investments, earning 5% at that point. How much should she save each month between now and retirement to achieve her goal?

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