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You have just turned 22 years old, received your bachelor's degree, and accepted your first job....

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Finance

You have just turned 22 years old, received your bachelor'sdegree, and accepted your first job. Now you must decide how muchmoney to put into your retirement plan. The plan works as follows:Every dollar in the plan earns 7% per year. You cannot makewithdrawals until you retire on your 65th birthday. After that, youcan make withdrawals as you see fit. You decide that you will planto live to 100 and work until you turn 65. You estimate that tolive comfortably in retirement, you will need $100,000 per year,starting at the end of the first year of retirement and ending onyour 100th birthday. You will contribute the same amount to theplan at the end of every year that you work. How much do you needto contribute each year to fund your retirement?

Please use financial formula and solve the question, Thanks!

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