Question: ( Future value of a complex annuity ) Springfield mogul Montgomery Burns, age 9 0 , wants to retire at age 1 0 0 so
Future value of a complex annuity Springfield mogul Montgomery Burns, age
wants to retire at age so he can steal candy from babies full time. Once Mr Burns retires, he wants to withdraw $
billion at the beginning of each year for
years from a special offshore account that will pay
percent annually. In order to fund his retirement, Mr Burns will make
equal endoftheyear deposits in this same special account that will pay
percent annually. How much money will Mr Burns need at age and how large of an annual deposit must he make to fund this retirement account?
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