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How much should she have accumulated on the day

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Ms. K is planning for retirement. She wants to receive a stream of 22 end of year annual payments in retirement that grow at a rate of 3% each year. She wants the beginning payment received 1 year after retiring to be $36,000. If annual interest rates during retirement are expected to be 5%, how much should she have accumulated on the day that she retires?

  • $620,965
  • $583,707
  • $540,239
  • $602,336

Reference no: EM132049239

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