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An individual wants to be able to spend 70,000 per year (in arrears) for an anticipated 30 years in retirement. To fund this retirement account,
An individual wants to be able to spend 70,000 per year (in arrears) for an anticipated 30 years in retirement. To fund this retirement account, she will make annual deposits of 15,000 at the end of each year while she is working. She can earn 5% compounded annually on all investments. What is the minimum number of deposits that are needed to reach her retirement goal (to the nearest whole number)?
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