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You plan to work for 40 years and then retire using a 25-year annuity. You...

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Finance

You plan to work for 40 years and then retire using a 25-year annuity. You want to arrange a retirement income of $4600 per month. You have access to an account that pays an APR of 8.4% compounded monthly. What size nest egg do you need to achieve the desired monthly yield? (Round your answer to the nearest cent.)

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