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You deposit X in an account today in order to fund your retirement. You would like to receive payments of 50 per year, in real
You deposit X in an account today in order to fund your retirement. You would like to receive payments of 50 per year, in real terms, at the end of each year for a total of 12 years, with the first payment occurring seven years from now. The inflation rate will be 0.0% for the next 6 years and 1.2% per annum thereafter. The annual effective rate of return is 6.3%. Calculate X to the nearest dollar.
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