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You would like to have enough money saved to receive a growing annuity for 20...

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Finance

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You would like to have enough money saved to receive a growing annuity for 20 years, growing at a rate of 3% per year, with the first payment of $50,000 occurring exactly one year after retirement. How much would you need to save in your retirement fund to achieve this goal? (The interest rate is 8%.) Multiple Choice $612,502 $605,604 602,100 $589,659

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