Question: PROBLEM IV A RETIREMENT PROBLEM -- You are 30 years old and intend to retire at 60. You are starting a retirement account now. You

PROBLEM IV

A RETIREMENT PROBLEM -- You are 30 years old and intend to retire at 60. You are starting a retirement account now. You intend to make a deposit in this starting today and at the beginning of each of the next 29 years (till you turn 59). You anticipate living 15 more years after retirement. You'd like to withdraw $100,000 per year at the beginning of each of those 15 years (from when you turn 60 to when you turn 74). Every year your account will earn 10% per year.

A. How much do you need to deposit?

B. What would be the answer if the interest rate is 8% instead of 10%?

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