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You are planning for retirement and have calculated that you want to have saved $1,272,000 by the time you retire in 25 years. You have $23,300 now and you also know that you will receive $62,100 from your share of the family cottage in 5 years. Assume an annual return of 6.90% on your funds. How much will you need to save at the end of each of the next 25 years to reach your retirement goal?

Reference no: EM133253491

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