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You are planning for retirement and would like to know how much you will need to save while working. You plan to start saving at

You are planning for retirement and would like to know how much you will need to save while working. You plan to start saving at 25 years old, and save through retiring the year you turn 65. You would like to receive annual retirement payments of $75,000 from age 66 to age 85. Interest rates are 7%. How much will you need to save each year if you start at age 25 and save until you are 65 to enable this retirement?

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