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You would like to start saving for your retirement and are trying to figure out how...

You would like to start saving for your retirement and are trying to figure out how much to save. You estimate that you will need $425,000 per year for the 35 years you’ll be retired. In addition, you’d like to have an additional $60,000 in your fifth year of retirement to buy a boat. Assume that you plan to save an equal amount of money every year, starting next year for the 40 years you will be working (save in years 1-40, withdraw in years 41 -75, buy boat in year 46) How much do you need to save each year if the interest rate is 7%?

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