Question: Problem 7. Sinking Funds. 10 points. Shanan is planning to retire in 24 years and wishes to withdraw $8000 per month for 20 years from

Problem 7. Sinking Funds. 10 points. Shanan is planning to retire

Problem 7. Sinking Funds. 10 points. Shanan is planning to retire in 24 years and wishes to withdraw $8000 per month for 20 years from her retirement account starting at that time. Ilow much must she contribute each month into a retirement account earning interest at the rate of 4.33% per year compounded monthly to meet her retirement goal? What would she need to contribute if she wanted to withdraw the same amount for 25 year? Solution: 5

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