Starting in 20 years, you will need to spend $600 per quarter on fashion to...
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Starting in 20 years, you will need to spend $600 per quarter on fashion to keep up with trends over the next ten years. With inflation, the cost of clothing is increasing by 2% APR with quarterly compounding. You have a savings rate of 6% APR with quarterly compounding. a) How much will you need to have saved 20 years from today?
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