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Mateo has nothing saved for retirement. Mateo wants to receive 61,300 dollars each year for 5 years during retirement. The first of these payments will be received in 3 years. Mateo can earn a return of 4.34 percent per year. How much does Mateo need to save each year for 3 years to have exactly enough to meet his retirement goal if he makes his first savings contribution in 1 year and all savings contributions are equal?

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Financial Management, Finance

Category:- Financial Management
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