Annually on your savings and no other sources of income

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You are planning to retire and want to make sure you can afford the lifestyle you want. You plan to spend $70,000 in your first year of retirement and increase that amount by 2% per year for 30 years. How much money will you need to have saved for retirement if you earn 6% interest compounded annually on your savings and no other sources of income?

Reference no: EM131950126

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