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You are 2 5 years old and want to retire at age 6 5 . You have already saved $ 4 5 0 0 0
You are years old and want to retire at age You have already saved $ in your retirement savings account. Each month, starting one month from now, you will deposit an equal amount into this same savings account which pays interest annually, compounded monthly. The last deposit will be on your th birthday. On your th birthday you will switch the accumulated savings into a bank account that pays interest annually, compounded monthly. You will withdraw your monthly income of $ at the end that month one month after your th birthday and each subsequent month until your birthday. On that birthday you want to give $ to your children. How much do you have to save each month to make this retirement plan happen?
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