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Earn an annual return

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You want to save sufficient funds to generate an annual cash flow of $99,900 a year for 30 years as retirement income. You currently have no retirement savings, but plan to save an equal amount each year for the next 35 years until your retirement. How much do you need to save each year, if you can earn an annual return of 6.50% on your savings? (Assume all cash flows occur at the end of each year.)

Reference no: EM133112583

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