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Richard would like to receive $120,000 per year (in today's dollars) when he is financial independent...

Richard would like to receive $120,000 per year (in today's dollars) when he is financial independent at age 60. He would like this income to grow at the rate of inflation and never run out. He expects inflation to be 3% per year and his investments to achieve nominal returns of 9% per year (compounded yearly). How much does he need for financial independence (in today's dollars)?

Your answer should be rounded to the nearest dollar ($ 0dp). Do not include a dollar sign in your answer.

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