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Withdrawal in order to meet her requirement

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Maria has decided that she can live on $80,000 a year upon retirement, and she expects to live for thirty years after she has retired. If she can earn an average annual rate of return of 8% after she retires, what minimum amount must she have accumulated in her retirement account one year before she makes her first withdrawal in order to meet her requirement? Round your answer to the nearest dollar.

Reference no: EM132046586

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