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    Hal Thomas Retirement Planning

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    a. We have to calculate the future value of annuity. We use the FV of annuity formula
    FV = PMT [(1+i)^n)-1]/i
    Where
    PMT = annual savings = $2,300
    i = interest rate = 14%
    n = time period = 60-35 = 25 years
    FV of savings = 2,300 [(1+14%)^25)-1]/14%
    FV of ...

    Solution Summary

    The solution explains some calculations relating to retirement planning

    $2.19

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