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You believe you will spend $40,000 per year for 20 years once you retire in 40 years. If the interest rate is 5% per year,

You believe you will spend $40,000 per year for 20 years once you retire in 40 years. If the interest rate is 5% per year, how much must you save each year until retirement to meet your retirement goal? (Round your answer to the nearest cent.) (PMT?)

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