Question: At age 21, you plan to start working and begin saving for retirement at age 25, retiring at 65. You want to withdraw $32,000 annually

At age 21, you plan to start working and begin saving for retirement at age 25, retiring at 65. You want to withdraw $32,000 annually (in today's dollars) from age 65 to 85. The average inflation rate is 5%, and the investment return is expected to be 10%. The task is to calculate the lump sum needed at age 65 to achieve this goal.

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