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How much of other funds need be set aside every year

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Question 1: Peter has just inherited $272,000 which he would like to use as part of his retirement nest egg. Peter has decided that he wants to retire 5 years from now at age sixty. He would like to know how much of his other funds need be set aside every year at the end of the year starting one year from today, with his $272,000 inheritance in order to reach his goal to have $744,000 at the age sixty. Peter assumes the funds can continue to earn at a 5.8 percent annual rate compounded annually.

Reference no: EM132859119

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