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Suppose you want to invest enough over each of the next 40 years to generate an annual retirement payment of $40,000 per year for 20

Suppose you want to invest enough over each of the next 40 years to generate an annual retirement payment of $40,000 per year for 20 years. If you can earn a 6% rate of return, how much do you need to invest each year?

Select one:

a. $40,000

b. $458,796

c. $2,965

d. $16,361

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