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How much of equal amount do you need to save every year

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Question - You are going to retire after exactly ten years, and you plan to buy your vacation home in Florida after retirement for which you will require $250,000. What is the ten-equal amount of annual saving starting from one year and ending 10th year, so that you can have $250,000 at the time of your retirement. In other words, how much of equal amount do you need to save every year for the next 10 years. Assume that you can earn an annual return of 5% from your 10-annual savings.

Reference no: EM132886134

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