You just turned 2 0 and decide that you would like to saveup enough money so as

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Question:

You just turned

20

and decide that you would like to saveup enough money so as to be able to withdraw $

100, 000

per year for

15

years after you retire at age

65,

with the first withdraw starting on your

66

th birthday. How much money will you have to deposit each month into an account earning

5 %

per year

(

interest compounded monthly

),

starting one month from today, to accomplish this goal?

Posted Date: May 18, 2024 04:15 PM

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