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David has decided to retire once he has 52.000,000 in his retirement account. At the end of each year, he will contribute 512,000 to the
David has decided to retire once he has 52.000,000 in his retirement account. At the end of each year, he will contribute 512,000 to the account, which is expected H> provide an annual return of 7.5%. How many years will ft take can he can retire? (Round to the nearest year.) 32 years 36 years 35 years 31 years 40 years Suppose David's friend, Ben, has the same retirement plan, saving $12,000 at the end of each year and retiring once he hits $2,000,000. However, Ben's account Is expected to provide an annual return of 9.1%. How much sooner can Ben retire? (Round to the nearest year.) 7 years 6 years 5 years 8 years 4 years After 25 years, neither David nor Ben will have enough money to retire, but how much more will Ben's account be worth at this year? $169,363 $141,056 $215,B77 $107,938 $109,2B3 David is Jealous of Ben because Ben is scheduled to retire before him, so David decides to make whatever end-of-year contribution is necessary to reach the $2,000,000 goal at the same time as Ben. If David continues to earn 7.5% annual interest, what annual contributions must he make in order to retire at the same time as Ben? $8,226 $11,320 $16,452 $9,873 $13,361
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