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Your parents are thinking of retiring, but want to know how much money they will need. They think they can earn 10.96% on their investments.
Your parents are thinking of retiring, but want to know how much money they will need. They think they can earn 10.96% on their investments. They also believe they will not live more than 42 years. During those years, they want to have $82,169 per year to live on. How much must their investment account have at retirement if they need to pull that amount out of their account? Realize that they will have to start pulling out their first $82,169 the day they retire (not at the end of the year). Please enter the amount they will need to the penny.
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