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Steven Klien has decided that he wants to retire in 15 years. In order to maintain his current standard of living, he decides that he
Steven Klien has decided that he wants to retire in 15 years. In order to maintain his current standard of living, he decides that he will withdraw $90,000 at the end of the year during retirement. Stevens's financial planner advised him that he should plan to live 25 years in retirement and use an annual return of 9%; Steven is following that advice. Given these assumptions and the fact that Steven already has $85,000 saved for retirement; how much does Steven need to save each year to reach his retirement goals?
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