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April 19, 2014

Homework Help: finance: retirement planning

Posted by Anonymous on Tuesday, September 11, 2012 at 6:56pm.

Tyrone, age 25, expects to retire at age 60. He expects to live until age 90. He anticipates needing $45,000 per year in today's dollars during retirement. Tyrone can earn a 12% rate of return and he expects inflation to be 4%. How much must Tyrone save, at the beginning of each year, to meet his retirement goals?

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