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Martha has estimated that she would need $35,000 per year (in today's $ terms) to...

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Finance

Martha has estimated that she would need $35,000 per year (in today's $ terms) to live on in retirement. She will be retiring in 30 years and is funding for a 23-years retirement period. The inflation rate is expected to be 2% per year and the after-tax return on her investments is expected to be 5.5%. Calculate the annual amount she would need at the beginning of her retirement.
Group of answer choices
$1,419,883
$55,191
$96,264
$63,398

Answer & Explanation Solved by verified expert
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