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You plan to save $1,200 per month for the next 35 years until you retire. After you retire you want to withdraw $450,000 per year
You plan to save $1,200 per month for the next 35 years until you retire. After you retire you want to withdraw $450,000 per year for 30 years. If you expect to earn 6% after retirement, what annual rate will you need to earn until you retire to meet your goal?
A. 19.64%
B 15.02 %
C. 11.99%
D. 11.18%
Please explain the steps on how to work it out on a TI83 calculator.
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