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You want to retire in 30 years. You deposit $20,000 in the account now and plan to save a to-be-computed equal amount each year for
You want to retire in 30 years. You deposit $20,000 in the account now and plan to save a to-be-computed equal amount each year for the next 30 years. Once you retire, you will need $100,000 per year for 20 years. r=6%. How much do you need to have in your account 30 years from now to cover your retirement need over the subsequent 20 years?
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