About the retirement goal

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Reference no: EM13944940

Your retirement goal is to save $400,000 by the time you are 65 years old. You have been saving $926.65 per year for the last 30 years, and you will retire in 5 years (at age 65). The interest rate has just changed from 12% (which has been the level for the last 30 years) to 9%. How much must you set aside at the end of each of the next 5 years to reach your goal?

Reference no: EM13944940

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