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You are 22 today and want to retire at the age of 60. Starting on your retirement date you'd like to have an annuity
You are 22 today and want to retire at the age of 60. Starting on your retirement date you'd like to have an annuity paying $15,000 a year for 25 years. Your uncle is giving you $10,000 for graduation this year. How much would you need to save each year from next year until retirement, to finish funding this annuity? Interest rates are 6%.
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