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How much will he need to save each year

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Today is Mr X's 55th Birthday. He plans to save a fixed amount of money every year starting from his 56th birthday up to and including 65th birthday. Then he will start drawing 10000 a year starting from his 66th birthday up to and including 80th birth day. If the market interest rate is fixed at 10%, how much will he need to save each year? (Round up to the nearest dollar)

Reference no: EM132580165

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