How much should mr. and mrs. smith deposit now in an account

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In a meeting with their financial advisor, Mr. and Mrs. Smith concluded that they would need $40,000 per year during the retirement years in order to live comfortably. They will retire ten years from now and expect a 20-year retirement period. How much should Mr. and Mrs. Smith deposit now in an account paying 9 percent to reach financial happiness during retirement?

Reference no: EM13294753

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