Save each year until retirement to meet your retirement goal

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Reference no: EM132066561

You believe you will spend $45,000 a year for 15 years once you retire in 30 years. If the interest rate is 5% per year, how much must you save each year until retirement to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Annual savings $

Reference no: EM132066561

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