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Your father is 55 years old and plans to retire in 12 years. After he retires he expects to live for 25 years. He wants
Your father is 55 years old and plans to retire in 12 years. After he retires he expects to live for 25 years. He wants a fixed annual retirement income that has the same purchasing power at the time he retires (12 years from today) as $120,000 has today. Inflation is expected to be 3 percent per year from today forward. What is the fixed retirement income that your father would like to receive at the beginning of each year during his retirement? O a $171,091.31 O b. $251,253.35 O c. $376,611.41 O d. $412,496.32
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