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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


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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 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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