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(Compounding using a calculator and annuities due) Springfield mogul Montgomery Burns, age 90 , wants to retire at age 100 in order to steal candy
(Compounding using a calculator and annuities due) Springfield mogul Montgomery Burns, age 90 , wants to retire at age 100 in order to steal candy from babies full time. Once Mr. Burns retires, he wants to withdraw $0.9 billion at the beginning of each year for 10 years from a special offshore account that will pay 28 percent annually. In order to fund his retirement, Mr. Burns will make 10 equal end-of-the-year deposits in this same special account that will pay 28 percent annually. How much money will Mr. Burns need at age 100 , and how large of an annual deposit must he make to fund this retirement account? a. How much money will Mr. Burns need when he retires? g billion (Round to three decimal places.)
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