Harry Brolin plans to retire after 38 years and wants to accumulate 180,000 when he retires. Harry
Question:
Harry Brolin plans to retire after 38 years and wants to accumulate €180,000 when he retires. Harry plans to make equal, end-of-year deposits into a savings account paying 8% annual interest.
a. What amount does he need to deposit every year to create €180,000 in 38 years?
b. If Josh can afford to deposit only €700 per year into the account, how much will he have accumulated in 38 years?
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