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You would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4% per year, with the first payment of...

You would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4% per year, with the first payment of $60,000 occurring exactly one year after retirement. How much would you need to save in your retirement fund to achieve this goal? (The interest rate is 12%.)

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