Assume the Josephs would like to be able to spend $8,000 per month (in today’s dollars) when they retire in 7 years. They believe they can earn a 7% annual return on any invested funds and inflation will be 4% annually over this same timeframe. What future monthly income will the Josephs need to meet their 1st-year retirement expenditures? (Round the answer to the nearest dollar.)
$11,920
$10,527
$12,846
$9,788
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