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You will retire 3 years from today. At retirement you need to pay $ 1 0 0 , and then after a year $ 5

You will retire 3 years from today. At retirement you need to pay $100, and then after a year
$50 and then a year after that $25 to buy an apartment in a continuing care facility. You have
saved today $40, and you plan to save $40 each year until your retirement. The interest rate
is 5 percent per year

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