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(Compounding using a calculator and annuities due) Springfiold mogul Montgomory Burns, ago 75 , wants to rotire at age 100 in order to ateal cindy
(Compounding using a calculator and annuities due) Springfiold mogul Montgomory Burns, ago 75 , wants to rotire at age 100 in order to ateal cindy form babies ful time. Once Mr. Burns retires, he wants to withdraw $0.8 bilion at the beginning of each year for 7 yoars tromi a special offshore acoount that will pay 21 percent annually, In order to fund his retirement, Mr. Burns will make 25 equal end-of the-yoar deposis in this same spocial account that wir pay 21 percerk annualy How much money will Mr: Burns need at age 100, and how targe of an annuat deposit must he mako to fund this retirement account? a. How much money will Mr. Bums need when he retces? billion (Found to three docimal places.) b. How large of an annual deposit must he make to fund this retirement account? Trilion (Round to two decimal places.)
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