You believe you will spend 175000 a year for 16 years once, Ask an Expert

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You believe you will spend $175,000 a year for 16 years once you retire in 23 years. If the interest rate is 5.50% per year. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

a. How much must you need saved once you reach retirement. $ ____

b. how much must you save each year until retirement to meet your retirement goal? $ ______

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