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    Retirement Savings

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    You believe you will need to have saved $500,000 by the time you retire in 40 years in order to live comfortably. If the interest rate is 6 percent per year, how much must you save each year to meet your retirement goal?

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    https://brainmass.com/business/annuity/retirement-savings-65307

    Solution Preview

    We need to find the annuity amount that would grow to 500,000 in 40 years at 6% per year. The future ...

    Solution Summary

    The solution explains how to calculate yearly savings so as to reach the goal of retirement amount.

    $2.19

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