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You are 21 and want to retire at the age of 60. On your retirement date you would like to receive a lump sum payment

You are 21 and want to retire at the age of 60. On your retirement date you would like to receive a lump sum payment of $500,000. How much would you need to save each year starting next year, and ending at your retirement date, to fund this lump sum payment? Interest rates are 6%.

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