Dr. Rivas plans to retire today and would like an income of $500,000 per year for the

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Dr. Rivas plans to retire today and would like an income of $500,000 per year for the next fifteen years, with the income payments starting one year from today. He will be able to earn interest of 6 percent per year compounded annually from his investment account.

What must he deposit today in his investment account to achieve this income of $500,000 per year?

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JAPHETH KOGEI

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