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Please show your work. Having trouble getting to the answer. Anthony Chon, 65, has recently retired. He...

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Finance

Please show your work. Having trouble getting to theanswer.

Anthony Chon, 65, has recently retired. He estimates that hewill require $30,000 in after-tax real dollars per year. He doesnot expect to live beyond 90 years old. All his investments are ingovernment bonds, expecting to yield a nominal rate of 6% per year.His tax rate is 30%, and the rate of inflation is expected to be3%. How much money does he need today to support his lifestyle?

Answer: $647,413

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