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Egbert Martin wants to retire in 15 years when he turns 65.

Egbert Martin wants to retire in 15 years when he turns 65. Martin wants to have enough money to replace 75% of his current income less what he expects to receive from Social Security at the beginning of each year. He expects to receive $20,000 per year from Social Security in today's dollars. Martin is conservative and wants to assume a 6% annual investment rate of return and assumes that inflation will be 4% per year. Based on his family history, Martin 2) 3) 4) 5) 6) 7) 1 expects that he will live to be 95 years old. If Martin currently earns $100,000 per year and he expects his raises to equal the inflation rate, approximately how much does he need at retirement to fulfill his retirement goals? a) $1,268,887. b) $1,445,239 c) $2,242,055. d) $2,262,780 e) $3,057,348.

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