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Jose, age 25, currently saves $13500 per year in his retirement account which is expected to earn 5% return. Jose is planning to retire at 62 and needs to fund his retirement upto age, 85. He has estimated that the annual amount needed during retirement would be $47,000 in today's dollar terms. The inflation rate is expected to be 1.5%. Calculate the lump sum amount required at the beginning of retirement to fund his post retirement period.
Sagot :
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