Josiah would like to set up an account to provide for some retirement funding.He plans to retire
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Question:
Josiah would like to set up an account to provide for some retirement funding.He plans to retire in 30 years and can invest in an account paying 7%.Because he plans to do some traveling during the first ten years of his retirement, he would like to have enough money to begin withdrawing $5,000 per year at the beginning of each year.The first withdrawal would occur at the beginning of the 31st year.At retirement he would also like to move the funds to a safer account that might pay only 5%.How much must he now deposit in his 7% account to accomplish his dream?
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