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    Saving for a Retirement Plan

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    A relative of yours is going to retire in 20 years. At that point, they will want to have enough savings to receive $40,000 per year for 25 years. If they can get a guaranteed interest rate of 7%, how much will they have to set aside each year to meet their goal?

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    https://brainmass.com/business/interest-rates/saving-for-a-retirement-plan-545339

    Solution Summary

    Solution discusses the amount to be set aside each year to meet their goal

    $2.19