A 40 year - old person plans to retire at 6 7 and live until 93. During

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Question:

40

year

-

old person plans to retire at

6

7 and live until

93.

During retirement, the person will take a growing annuity from the retirement account. The amount in the first year will be $

90, 000

with a

3 %

growth rate.

The return on savings after retirement is

6 % .

The person would like to leave a $

600, 000

donation to charity at the time of death.

How much will the person have to have at retirement to meet this goal?

Related Book For answer-question

Calculus Early Transcendentals

ISBN: 9781337613927

9th Edition

Authors: James Stewart, Daniel K. Clegg, Saleem Watson, Lothar Redlin

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Posted Date: Mar 19, 2024 06:11 AM

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A 40 year - old person plans to retire at 6 7 and live until 93. During

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Calculus Early Transcendentals

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