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Your parents are seeking your advice on saving for retirement. They would like to save enough so that they will be able to withdraw $60,000

Your parents are seeking your advice on saving for retirement. They would like to save enough so that they will be able to withdraw $60,000 per year for 25 years starting 20 years from today. If the interest rate is 5%, what constant amount (level payment) would they need to invest at the end of each of the next 19 years so they can accomplish their goal?

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