Macon would like to begin planning for retirement. He has as of his 60th birthday collected $150,000
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Question:
Macon would like to begin planning for retirement. He has as of his 60th birthday collected $150,000 which he plans to deposit in a bank account earning 4.5% per year compounded yearly. Macon is also willing to begin saving an amount on his 61st birthday, and increase that amount by 3.5% every year. He would like to avail $45,000 on his 70th birthday and keep getting an amount greater than that by 6% every year till his 75th birthday. How much money should he deposit on his 61st birthday?
Group of answer choices
a. $3,645
b. $3,951
c. $3,842
d. $7,279
Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
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