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How much will you be able to withdraw

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You are 26 years. You have $7400 saved. You plan to save $4600/year for 40 years. You will earn 9% on your savings.

A. How much will you have in 40 years (the future value)?

B. You can earn 3% on your savings after you retire in 40 years. If you plan to live 30 years after you retire, how much will you be able to withdraw per year for those 30 years?

Reference no: EM131863397

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