Silvia wants to retire at 65 and live on $40,000 a year. How much does she need to save to ensure that her retirement funds last until she is 85?
Select the best answer from the choices provided.
$800,000 because she will need to save for 20 years times $40,000
more than $800,000 because taxes and inflation will increase the value of her savings
less than $800,000 because returns will continue to increase the amount in her savings even after retirement
more than $800,000 because compound return will reduce her savings
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