Question: Marcus Mullings just started working with the NCB as a sales representative and is just trying to catch up on having money for retirement. NCB

Marcus Mullings just started working with the NCB as a sales representative and is just trying to catch up on having money for retirement. NCB offers him a pension plan with an annuity that is guaranteed to earn 13% interest compounded Semi-annually. He plans to work for 10 years before retiring and would then like to be able to draw an income of $110,000 per annum for 18 years. How much must be deposited per annum into his retirement fund to accomplish this?

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