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You just turned 30 and decide that you would like to save up enough money so as to be able to withdraw $75,000 per year

You just turned 30 and decide that you would like to save up

enough money so as to be able to withdraw $75,000 per year

for 20 years after you retire at age 65, with the first

withdrawal starting on your 66th birthday. How much money

will you have to deposit each month into an account earning

8% per year (interest compounded monthly), starting one

month from today, to accomplish this goal?

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