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Tom is going to retire at age of 70 and he wants to have $3000 at the end of each month from an annuity. he
Tom is going to retire at age of 70 and he wants to have $3000 at the end of each month from an annuity. he forecasts a 6% return compounded monthly after retirement. He is currently 40 years old and hopes the retirement proceeds to last till age 85. How much would Tom need to save at the end of each month if he already has $35000 saved today in his retirement plan? please show your work
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