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Question: Sam Trunk just turned 45. Till now he has no savings and wants to retire at age 65. Sam and his wife Julie want to draw $4,000 at the end of each month for the next 30 years upon retirement. How much should Sam and Julie save at the end of each month for the next twenty years to meet their retirement goal? Time value of money is 4.8% APR. Show all your work.

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