Question: ( Future value of a complex annuity ) Springfield mogul Montgomery Burns, age 8 0 8 0 , wants to retire at age 1 0

(Future value of a complex annuity) Springfield mogul Montgomery Burns, age
8080,
wants to retire at age 100 so he can steal candy from babies full time. Once Mr. Burns retires, he wants to withdraw
$0.90.9
billion at the beginning of each year for
77
years from a special offshore account that will pay
2121
percent annually. In order to fund his retirement, Mr. Burns will make
2020
equal end-of-the-year deposits in this same special account that will pay
2121
percent annually. How much money will Mr. Burns need at age100, and how large of an annual deposit must he make to fund this retirement account?
Question content area bottom
Part 1
a.If the retirement account will pay
2121
percent annually, how much money will Mr. Burns need when he retires?
$enter your response here
billion(Round to three decimal places.)

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