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Mr. jones intends to retire in 20 years at the age of 65. As yet he has not provided for retirement income, and he wants to set up a perodic savings plan to do this. If he makes equal annual payments into a savings account that pays 4 percent interest per year, how large must this payments be to ensure that after retirement he will be able to draw $30,000 per year from their account until he is 80?

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