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You believe you will need to have saved $500,000 by the time you retire in 38...

You believe you will need to have saved $500,000 by the time you retire in 38 years in order to live comfortably. You also believe that you will inherit $10,000 in 10 years. If the interest rate is 9% per year, how much must you save each year to meet your retirement goal?

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Answer #1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

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