What lump sum do they need to invest today to attain goal

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Reference no: EM131966124

Kevin and Jennifer are ready to retire They want to receive the equivalent of $40,000 In today's dollars at the beginning of each year for the next 50 years.

They assume inflation will average 3% over the long run, and they can earn 11% (compounded annually) on their investments.

What lump sum do they need to invest today to attain their goal?

Reference no: EM131966124

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