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Jackie Chiles has decided that he would like to retire in 20 years. In order...

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Finance

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Jackie Chiles has decided that he would like to retire in 20 years. In order to maintain his current standard of living, he decides that he will withdraw $120,000 each year (at the end of the year) during retirement. Jackie's financial planner advised him that he should plan to live 25 years in retirement and use an annual return of 8%; Jackie is following that advice. Given these assumptions and the fact that Jackie already has $100,000 saved for retirement; how much does Jackie need to save each year to reach his retirement goals? Round your final answer to the nearest dollar. $17,462 $17,807 O $9,356 $0, he has enough saved up $18,973

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