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Your father os 50 years old and will retire in 10 yoars, He expects to live for 25 years after he retires, until he is
Your father os 50 years old and will retire in 10 yoars, He expects to live for 25 years after he retires, until he is 85 . He wants a foed retirement incorne thut has the same porchasong power at the time he retires as $60,000 has today. (The real valke of his tetirement income will dechine annoally after be retires.) His retiremient income wifl begin the day he retires, 10 years trom today, at which time he will receive 24 additional annual payments. Annual inflation is expected to be 3%. He currently has 5165,000 saved, and be expects to earn 10% annually on his savings. How much must he savp during each of the next 10 years (end-of year deposes) to meet his retiremient goal? Do not round intermedate ealculations. Round yeer answer to the nearest dollar
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