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Suppose that you plan to retire in 35 years and will need $401,000 in your retirement account to do so. The annual rate of return

Suppose that you plan to retire in 35 years and will need $401,000 in your retirement account to do so. The annual rate of return on the money in your account is 7%. Determine the required annual contribution toward retirement if your retirement account is (a) tax-deferred and (b) taxable. Assume that your marginal tax rate will remain at 20%.

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