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Dennis McDonald has just started working with the NBC as a sales representative and is just trying to catch up on having money for retirement.
Dennis McDonald has just started working with the NBC as a sales representative and is just trying to catch up on having money for retirement. NBC offers him a pension plan with an annuity that is guaranteed to earn 11% interest compounded annually. He plans to work for 12 years before retiring and would then like to be able to draw an income of $110,000 per annum for 16 years. How much must be deposited per annum into his retirement fund to accomplish this
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