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22. Cindy is 25 years old today and is beginning to plan for her retirement. She wants to set aside an equal amount at the
22. Cindy is 25 years old today and is beginning to plan for her retirement. She wants to set aside an equal amount at the end of each of the next 30 years so that she can retire at age 55. She expects to live to the maximum age of 90 and wants to be able to withdraw $95,000 per year from the account on her 56th through 90th birthdays. The account is expected to earn 5% per annum for the entire period of time. Determine the size of the annual deposits that must be made by Cindy.
A. $21,980.86
B. $23,413.24
C. $95,000.00
D. 17,149.26
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