How much money will you need to have saved for retirement, Financial Management

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How much money will you need to have saved for retirement

You are planning to retire and want to make sure you can afford the lifestyle you want. You plan to spend $70,000 in your first year of retirement and increase that amount by 2% per year for 30 years. How much money will you need to have saved for retirement if you earn 6% interest compounded annually on your savings and no other sources of income?

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Financial Management: How much money will you need to have saved for retirement

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