Carsten Boe, the Danisa Traditional Butter Cookies mogul, wants to retire at age 100. Mr. Boe is currently 70. Once he retires, he wants to withdraw $1.1 billion at the beginning of each year for 12 years from a special offshore account that will pay 15 percent annually.

In order to fund his retirement, Mr. Boe will make 30 equal endof-

year deposits in the same special account that will pay 15 percent annually. How much money will Mr. Boe need at age 100, and how large an annual deposit must he make to fund this retirement account?