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You will start saving on your 31st birthday and will save every year up to (and including) your 60th birthday (30 cash flows). You will
You will start saving on your 31st birthday and will save every year up to (and including) your 60th birthday (30 cash flows). You will commence withdrawing the retirement income on your 61st birthday. The retirement withdrawal is $90,000 per year and the last withdrawal is planned on your 85th birthday (25 withdrawals). The interest rate is 5%. How much should you save each year for retirement?
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