You are planning to save $1 million for retirement over the next 30 years. (a) If you
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You are planning to save $1 million for retirement over the next 30 years.
(a) If you are earning interest at the rate of 6% and you live 20 years after retirement, what annual level of living expenses will those savings support?
(b) Suppose your retirement living expenses will increase at an annual rate of 3% due to inflation. Determine the annual spending plan in line with your inflation.
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