The interest rate is 8%. When you are 30, you want to deposit $X in your...

The interest rate is 8%.

When you are 30, you want to deposit $X in your retirement account so that when you retire in 35 years you can withdraw $100,000 every year for 20 years (first withdrawal is at year 36).

How much is X?

Expert Solution

jeff jeffy answered 2 hours ago

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