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Suppose you wish to retire forty years from today. You determine that you need $50,000 per...

Suppose you wish to retire forty years from today. You determine that you need $50,000 per year once you retire, with the first retirement funds withdrawn one year from the day you retire. You estimate that you will earn 6% per year on your retirement funds and that you will need funds up to and including your 25th birthday after retirement. How much do you need to save each year over the next 40 years to achieve your goal?

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