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How much will you need to have saved by time

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Question - You are planning for your retirement in 31 years.  At that time you want to have enough saved to be able to afford to spend $70,000 per year (starting at time 32) for 25 years (if you live longer than 25 years your kids will have to support you). How much will you need to have saved by time 31 if the expected interest rate from time 31 to 56 is 14 percent per year?

Reference no: EM133102235

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