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Ted is 56 and has determined that he will need retirement income equal to $50,000/year in today's dollars. He plans to retire in 10 years.

Ted is 56 and has determined that he will need retirement income equal to $50,000/year in today's dollars. He plans to retire in 10 years. He assumes that inflation will average 3% per year.Ignoring Social Security, how much income will Ted need in his first year of retirement?

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