Question: Question# 6 Mr . Wilks is 3 0 years old today and wants to set aside an equal amount at the end of each of

Question# 6
Mr. Wilks is 30 years old today and wants to set aside an equal amount at the end of each of
the next 30 years into a retirement fund earning 10% p.a. so that he can retire at age 60. At
retirement, the funds will be transferred to an investment account earning 6% p.a. He
expects to live to age 80 and wants to be able to withdraw $375,000 per year from the
account on his 61st through 80 th birthdays. He also wants to leave $550,000 as an
inheritance to his children at age 80. How much money will he need to save in his
retirement account per year to achieve these objectives?
Solve and explain
Question# 6 Mr. Wilks is 30 years old today and wants

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