Approximate balance in retirement account

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You plan to retire at the age of 67 and would like to have enough money in your retirement account for yearly withdraws of $18,000 over 30 years. Assuming you are able to earn a yearly rate of return of 7% in your retirement account during the 30 years of your retirement, what must be the approximate balance in your retirement account where you turn 67?

Reference no: EM132413442

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