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Question: after retirement you expect to live for 30 years you...

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After retirement, you expect to live for 30 years. You would like to have $100,000 income each year and run out of money precisely at the time of your passing without leaving an estate. How much should you have saved before retiring in order to receive this income, if the interest is 7% per year (assume that the payments start one year after retirement)? Please round your answer to the nearest dollar.

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