A couple estimates $90,000/year in retirement expenses. Social Security provides $36,000/year combined. What lump-sum portfolio is needed at retirement to fund the $54,000 annual gap for 25 years, assuming a 5% real return?
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A
Approximately $620,000
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B
Approximately $760,000
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C
Approximately $920,000
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D
Approximately $1,100,000