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Assume that you have just turned 2 1 , are graduating from college, and are planning for your retirement; at age 5 5 . You
Assume that you have just turned are graduating from college, and are planning for your retirement; at age You currently have no money saved, but plan to make significant investments into a retirement account now that you have gotten a highpaying job. Because of moving and additional expenses associated with the start of your new job, you believe that you will only be able to invest $ on your and birthdays payments You then expect to invest $ each year on your through your birthdays payments $ each year on your through birthdays payments and $ each year on your st through birthdays payments During this year period you are willing to take some investment risks and you believe that your investment account can earn a nominal annual rate of return of percent, compounded monthly. At age you plan to retire and will use the money in your investment account to buy a year, guaranteed annuity from an insurance company that will pay you a fixed amount on your through birthdays. Since this annuity is guaranteed, the insurance company uses a nominal annual rate of return of percent, compounded quarterly. Given this information, determine the amount you can expect to receive each year after you retire.
Enter your answer without symbols, to the nearest cent. For example, if your answer is $ enter
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