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Assume that you are 21 years old. You would like to retire at age 65. You would like to have an income throughout retirement that is equivalent to $65,000 in todays dollars during retirement. You believe that you should plan to live until age 99. You believe that inflation will average 3% during your savings years. You believe that you can earn an average return on your investments of 8% during your savings years. You believe that you will earn an average return of 5% on your investments during your retirement years.

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Financial Management, Finance

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