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First withdrawal one year after he retires

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Jason wishes to be able to receive $50,000 a year upon retirement, and he expects to live for 25 years after retirement. If he can earn an average rate of return of 10% on his money after he retires, how much does he need to have accumulated at the time he retires? Assume he will make his first withdrawal one year after he retires, and round your answer to the nearest dollar.

Reference no: EM132343867

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