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A 30-year old man is planning for his retirement in 35 years. He wants to be...

A 30-year old man is planning for his retirement in 35 years. He wants to be able to withdraw $90,000 each year for 25 years after he retires. How much will he need to save each year for the next 35 years if he can earn 12 percent on his savings?

$38,441.08

$5,518.44

$64,285.71

$1,635.26

$7,845.00
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