Determine how much should mr. and mrs. smith deposit now in, Ask an Expert

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problem: In their meeting with their advisor, Mr. and Mrs. Smith concluded that they would need $40,000 every year during their retirement years in order to live comfortably. They will retire ten years from now and expect a twenty year retirement period. Determine how much should Mr. and Mrs. Smith deposit now in a bank account paying nine percent to reach financial happiness during retirement?

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