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You believe you will spend $48,000 a year for 12 years once you retire in 24...

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Finance

You believe you will spend $48,000 a year for 12 years once youretire in 24 years. If the interest rate is 5% per year, how muchmust you save each year until retirement to meet your retirementgoal? (Do not round intermediate calculations. Round youranswer to 2 decimal places.)

  

   Annual savings$   

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Transcribed Image Text

You believe you will spend $48,000 a year for 12 years once youretire in 24 years. If the interest rate is 5% per year, how muchmust you save each year until retirement to meet your retirementgoal? (Do not round intermediate calculations. Round youranswer to 2 decimal places.)     Annual savings$   

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