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You are planning for your retirement and want to be able to take a luxury vacation each year for 20 years after retiring. You want
You are planning for your retirement and want to be able to take a luxury vacation each year for 20 years after retiring. You want to have a lump sum that you can invest at 4% per year in a special account when you retire (assume annual compounding for simplicity). ,You want the fund to be completely spent after taking 20 vacations. If you plan to spend $8,000 for each vacation, how much money needs to be in this fund when you retire?
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