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You turned 25 today and you want to retire on your 65th birthday. Starting with the day of your retirement, you would like to
You turned 25 today and you want to retire on your 65th birthday. Starting with the day of your retirement, you would like to have a growing annuity ($50,000 payment on the day of your retirement and growing by 3% each year thereafter for a total of 20 years of payments). You will start saving with equal annual deposits of $3,228.32 into an investment account beginning in one year from today and ending after 17 total deposits. Assume a discount rate of 10%. As of the date of your 57th birthday, your plan is overfunded by how much? Round to the nearest thousands of dollars and use the $ symbol. No decimal places.
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