Today is the neighbor's 30th birthday. She opens a new investment account assumed to earn 10% per

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Today is the neighbor's 30th birthday. She opens a new investment account assumed to earn 10% per year. She wishes to make equal, annual deposits starting today and ending on her 60th birthday such that on her 61st birthday she can withdraw $100,000 and can continue to do so on each birthday until a final $100,000 withdrawal (which will deplete the account) on her 95th birthday. What is the annual deposit she needs to make?

Posted Date: May 13, 2024 02:30 AM

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Today is the neighbor's 30th birthday. She opens a new investment account assumed to earn 10% per

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Heres how to calculate the annual deposit required 1 Define Variables Interest rate I 10 per yea... View the full answer

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