John turned 58 years old he plans to retire in 12 years. When he retires, he would

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John turned 58 years old he plans to retire in 12 years. When he retires, he would like to take an extended vacation, which he expects will cost at least $40,000. What lump-sum amount must he invest now to have the needed $40,000 at the end of 12 years if he invests at