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Fin 6406 Final Exam Possible Problems 62. Men you retire, you will have $1,400,000 saved. You would like to receive a payment at the end of each
year that grows by 2.5%. You expect to need this for 35 years. The required return is 7%. What is the
first payment at the end of year 1 and what will the last payment be at the end of the 35 years (34 periods
after the 1’;1 payment at the end of year 1)?

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