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A client has determined an annual retirement income need of $40,000 per year in today’s dollars. In performing a retirement needs analysis, the client wants you to assume a 5% annual inflation rate, an 8% after-tax return, and a 20-year retirement period. The client plans to retire in 12 years. What is the annual payment needed at the end of each year to meet the client’s retirement income goal using a level payment savings approach?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92680000

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