Question: You expect to need $ 6 7 , 0 0 0 per year for 2 3 years when you retire, and the first annual payment

You expect to need $

67, 000

per year for

23

years when you retire, and the first annual payment will take place

42

years from today. If you wanted to fully fund your retirement with a single deposit today, how much money would you need to deposit? Use a discount rate is

7 % ?

Do not round intermediate calculations. Round your answer to the nearest penny.

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