Sum would like to retire 30 years from now and have a, Financial Management

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Sum would like to retire 30 years from now and have a

Sum would like to retire 30 years from now and have a retirement income of $30,000 per year for at least 20 years.

He can afford to save $4,000 per year for the next five years. Sum expects to earn 8% per year on average from investments over the next 50 years.

What must his minimum annual savings be from years 6 through 30 to meet his objective?

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