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You would like to have enough money saved to receive a growing annuity for 15 years, growing at a rate of 4% per year, with
You would like to have enough money saved to receive a growing annuity for 15 years, growing at a rate of 4% per year, with the first payment of 105,000 occurring exactly one year after retirement. How much would you need to save in your retirement fund to achieve this goal? (The interest rate is 11%.) Show your calculations. [3 marks]
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