3. (60 points) If Liam wants to be able to withdraw $22,500 every month from his...

 

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3. (60 points) If Liam wants to be able to withdraw $22,500 every month from his retirement account that pays 5.29% / year interest for 24 years after he retires, then how much should he deposit every month during his 45 years of employment? AND How much interest would he earn in total? 3. (60 points) If Liam wants to be able to withdraw $22,500 every month from his retirement account that pays 5.29% / year interest for 24 years after he retires, then how much should he deposit every month during his 45 years of employment? AND How much interest would he earn in total?

Answer rating: 100% (QA)

SOLUTION To calculate the monthly deposit Liam needs to make during his 45 years of employment we can use the formula for the present value of an annu... View the full answer