Zoe is retiring tomorrow. She plans to withdraw $70,000 per year from her retirement savings...
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Zoe is retiring tomorrow. She plans to withdraw $70,000 per year from her retirement savings every year for the next 40 years. How much money needs to be in her retirement account now to make this possible? Assume the account will continue to earn 6% compounded annually while she is in retirement. [In other words, she is will withdraw $70,000 per year while the account continues to earn 6% on the remaining balance.]
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