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You believe you will spend $47,000 a year for 13 years once you retire in 26 years. If the interest rate is 7% per year,

You believe you will spend $47,000 a year for 13 years once you retire in 26 years. If the interest rate is 7% per year, how much must you save each year until retirement to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Annual savings $ ______

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