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How much does henry need to save each year

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Question:

Henry Hub has 25 years to retirement and expects to spend a further 20 years in retirement (i.e., years 21-45). He lives an extravagent lifestyle and has drawn up a detailed spreadsheet which suggests that he will spent $256,880 a year in real terms in retirement.

If the real interest rate is 3%, how much does Henry need to save each year in real terms until retirement to attain his spending goal?

Reference no: EM13837501

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