Question: John calculated that he would need an additional $1000 a month during his 25 years of retirement. His annuity pays 4.75% interest compounded monthly. What

John calculated that he would need an additional $1000 a month during his 25 years of retirement. His annuity pays 4.75% interest compounded monthly. What is the necessary present value he needs in his account the day he retires?

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