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You plan to retire in 30 years. Beginning in 31 years from nowyou wish to have an annual retirementincome of $80,000 / year as measured in today’s dollars. Theinflation rate is assumed to be 2.5%. Eachyear in retirement you wish to have your retirement income growby 3% per year. You plan on living for35 years in retirement. Starting in one year from now you aregoing to make annual deposits into asavings account. Your savings payments are expected to grow by5% per year. You will make 30payments into your retirement account. The discount rate is 9%.How much must your first savingsamount be in order to achieve your retirement goal
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