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You are 20 years old in 2012 and the comfortable retirement income is $40,000 The historical inflation rate over the past 40 years has averaged

You are 20 years old in 2012 and the comfortable retirement income is $40,000 The historical inflation rate over the past 40 years has averaged 4.5% from 1971 to 2011

i What is your required retirement income at age 65

ii What will be the purchasing power of a 2012 dollar in 45 years?

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