Question
1. John has started a new job and wants to open a retirement account. He is now 26 years old and plans to retire if
1. John has started a new job and wants to open a retirement account. He is now 26 years old and plans to retire if he is over 65. For this, he is considering depositing $ 2815 retirement accounts annually. Annual interest yield is 2%. a. How much money will he save when he retires? Calculate by drawing a cash flow diagram. b. If John wanted to save $ 150,000, how much money would he have to deposit into his retirement account annually with equal payments from 26 to 65? c. In how many years would John have saved $ 45000? (If the result is fractional, leave it that way, do not round it).
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