How much will they have to save each year for next year

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Reference no: EM131942305

Retirement Planning.

A couple will retire in 50 years; they plan to spend about $30,000 (real dollars) a year in retirement, which should last about 25 years.

They believe that they can earn 8% nominal interest on retirement savings, and the couple realizes that the annual inflation rate is 4%.

How much will they have to save each year for the next 50 years, in real dollars, to reach their retirement goal?

Reference no: EM131942305

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