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You plan to retire in 30 years. In 50 years, you want to give your daughter a $500,000 gift. You will receive an inheritance of

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You plan to retire in 30 years. In 50 years, you want to give your daughter a $500,000 gift. You will receive an inheritance of $200,000 in 25 years. You think you will want $50,000 per year when you retire for 30 years the first withdrawal will come one year after you retire). You will begin saving an amount to meet your retirement goals one year from today, Required: If you think you can make 9 percent on your investments, how much will you need to save each year for the next 30 years to meet your retirement goals

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