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You are 30 years old today. You wish to retire at age 65. How much money...

You are 30 years old today. You wish to retire at age 65. How much money must you deposit at the end of each year so that when you retire at age 65, you will be able to withdraw $2,500 at the end of each month until age 85?

Assume you can earn interest at the rate of 5.5% compounded daily during the entire period from age 30 to 85.

I do not understand at all, so if you could walk me through it pretty well, it would be much appreciated. Thanks

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Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

As nothing was mentioned excel is used.

jeff jeffy answered 1 year ago
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