Question: Please show your work. Having trouble getting to the answer . Anthony Chon, 65, has recently retired. He estimates that he will require $30,000 in

Please show your work. Having trouble getting to the answer.

Anthony Chon, 65, has recently retired. He estimates that he will require $30,000 in after-tax real dollars per year. He does not expect to live beyond 90 years old. All his investments are in government bonds, expecting to yield a nominal rate of 6% per year. His tax rate is 30%, and the rate of inflation is expected to be 3%. How much money does he need today to support his life style?

Answer: $647,413

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