13.2.1 - retirement Lora has saved $15,000 per year for...

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COMPLEX TIME VALUE OF MONEY PROBLEM #2 Lora wants to establish a savings plan that will accomplish two goals: She would like to purchase a car today at a cost of $35,000. She is would like to retire 10 years from now with enough money to provide to provide an income of $45,000 per year for 10 years after
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Unformatted text preview: retirement. Lora has saved $15,000 per year for past 10 years. Assume interest rates will be 6% for the entire period and all amounts are deposited or received at the end of the period. REQUIRED: How much will Lora have to save for the next 10 years to accomplish her goal?...
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