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Find the investments and rate of inflation

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Carolyn and Jim are planning on retiring next year when they turn 65. They estimate that they will need $62235 per year when they retire to cover their expenses, travel and taxes. They will need this income each year until they die at age 95. They are currently earning a rate of return of 5% on their investments and the rate of inflation is 2%. What amount of money will they need when they retire next year to fund their retirement?

Reference no: EM133205267

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