Question: This a multi-part question therefore it follows cheggs rules Today is Dereks 25th birthday. Derek has been advised that he needs to have $2,866,584.00 in

This a multi-part question therefore it follows cheggs rules

This a multi-part question therefore it follows cheggs rules Today is Dereks

Today is Dereks 25th birthday. Derek has been advised that he needs to have $2,866,584.00 in his retirement account the day he turns 65. He estimates his retirement account will pay 5.00% interest. Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into the retirement account starting on his 27.00th birthday and ending on his 65th birthday. How much must those deposits be?

Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on his 65th birthday?

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