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You are planning for your retirement in 21 years. At that time you want to have enough saved to be able to afford to

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You are planning for your retirement in 21 years. At that time you want to have enough saved to be able to afford to spend $120,000 per year (starting at time 22) for 19 years (if you live longer than 19 years your kids will have to support you). How much will you need to have saved by time 21 if the expected interest rate from time 21 to 40 is 7 percent per year? 1240271 0 Correct response: 1,240,271.4210 Suppose that at time 21 you will receive a retirement bonus of $10,000 from your company. If the annual percentage rate (APR) is expected to be 12 percent, compounded monthly, from now until time 21, how much would you need to save at the end of each month in order to be able to make the desired withdrawals at retirement (i.e., in order to have $1,240,271.42, including the bonus, saved at time 21)? Number Section Attempt 1 of 1

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