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Assume thot your father is now 50 years old, plans to retire in 10 years,...

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Assume thot your father is now 50 years old, plans to retire in 10 years, and expects to ilve for 25 years after he retires - that is, antll age as, He wants hil first retirement perment to have the same purchasing power at the time he retires as 540,000 has today. He wants alf of his subsequent retirement payments to be equal to his first retinement poyment fpo not let the retirement payments grow with infistion: Your father realizes that if inflotion occurs the real value of his retirement income will decdine year by year after be retirno). His retirement income will begin the day he retires, 10 years trom today, and he will then recelve 24 additional annual payments. Infation is eipected to be 314 per year from today. forward. He currently has $50,000 saved and expects to earn a return on his savings of 7 th per year with annual compounding. To the nearest doter, how much must he sawe during each of the nevt 10 years (mith equal deposits being made at the end of each year, beginning a year from today) to meet his retirement gnal? (Nate, kecther the ambunt he saves nar the ameunt he withdraws upon retirement is a growing annuity.) Do not round intermediate calculations. Round your answer to the nearest dolar

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