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After some thought, you have decided that you will need $60,000 each year to live...

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After some thought, you have decided that you will need $60,000 each year to live on after you retire, and that you should plan on living 35 years after your retirement. Assume that your retirement account will earn 5% interest while you are taking out $60,000 each year. Additionally, you will get $10,000 each year after your retirement from the insurance company in which you invested money during your job. How much money must be in the retirement account when you retire

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