A worker plans to retire in 20 years.He needs $20,000 per year in retirement income in today's dollars.If inflation is forecast at 3.5% per year,what annual income should he plan to receive in the first year of retirement in order to maintain the purchasing power on $20,000?

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The Answer of A worker plans to retire in 20 years.He needs $20,000 per year in retirement income in today's dollars.If inflation is forecast at 3.5% per year,what annual income should he plan to receive in the first year of retirement in order to maintain the purchasing power on $20,000?

A Worker Plans to Retire in 20 Years