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You wish to be able to withdraw $5,000 per month during your retirement. You will retire in exactly 45 years, and you expect to live
You wish to be able to withdraw $5,000 per month during your retirement. You will retire in exactly 45 years, and you expect to live for 20 years after your retirement date. Your first monthly retirement payment would be made at the end of the first month of retirement. If the rate of return you can earn is 10%, what annual payments would you have to make beginning today to achieve your retirement goal? Assume no payments are made on the retirement date.
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