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You are 21 and want to retire at the age of 60.  Starting on your retirement date...

You are 21 and want to retire at the age of 60.  Starting on your retirement date you’d like to have an annuity paying $25,000 per year for 25 years.  Your uncle is giving you $10,000 when you graduate.  How much would you need to save every year from next year to retirement to finish funding this annuity?  Interest rates are 6%.

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