Question: You are 20 years old and planning for retirement, when you will need $15,000 per year after retirement up to the age of 80. You

You are 20 years old and planning for retirement, when you will need $15,000 per year after retirement up to the age of 80. You plan to make annual deposits into your account till you turn 60. If the interest rate is a constant 12% during the 40 year period, how much must you deposit annually into your account?

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