Fred needs to start saving for, Financial Accounting

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Fred needs to start saving for

Fred needs to start saving for retirement. He estimates he will work another 20 years, during which time his savings will earn a 5% annual interest rate. He would like to withdraw $15,000 from his savings each year during his 25 years of retirement. During his retirement years, he is estimating a 4% annual interest rate.

How much should Fred save each year during his working years.

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Financial Accounting: Fred needs to start saving for

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