Planning for retirement, Your mom is planning for

Planning for retirement

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Reference no: EM13850033

Your mom is planning for retirement. She wants to receive a stream of 26 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 $28,000. If interest rates are expected to be 8%, how much should she have accumulated on the day that she retires?

Reference no: EM13850033

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