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Farmer Fred wants to retire in 20 years when he turns 64 . Fred wants...

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Accounting

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Farmer Fred wants to retire in 20 years when he turns 64 . Fred wants to have enough money to replace 75% of his current income less what he expects to receive from Social Security at the beginning of each year. Fred's full benefit at age 67 is $25,000 in today's dollars. Fred is conservative and wants to assume a 7% annual received his brokerage account statement, which he is using to fund his retirement, and it has a balance of $340,596.44. If Fred currently earns $100,000 per year, approximately how much does he need save at the end of each of the next 20 years to fund his retirement? $12,000 $10,350$11,215 $6,486

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