Question: (Mathematical Modelling) The Educators' Retirement System. a.k.a. ERS, provides a few options for supplement retirement plans, one of which is a type of mutual bonds

(Mathematical Modelling)

The Educators' Retirement System. a.k.a. ERS, provides a few options for supplement retirement plans, one of which is a type of mutual bonds that pays 7.2% compounded annually; and it accepts a pre-set exact amount of money for such an investment ar the beginning of every fiscal year. According to university records, Dr. Ima Ignoramus Twit still has 10 more years of service before he retires. And based on his medical records, he predicts that he can live for about 20 years after he retires. Now, Ima would like to know what annual amount he has to invest in the aforementioned ERS's option for the next 10 years, so that he can start withdrawing $6,000 a year at the end of each of his retirement years, after which nothing will be left.

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