How much does sam need to have in the account, Financial Accounting

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How much does sam need to have in the account

Problem

Sam plans to withdraw $81,400 each year from his retirement account for a 26-year period. The account earns 9.5% annual interest. How much does Sam need to have in the account at the beginning of his retirement, in order to allow these withdrawals?

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Financial Accounting: How much does sam need to have in the account

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Financial Accounting: How much does sam need to have in the account

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