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Derek plans to retire on his 6 5 th birthday. However, he plans to work part - time until he turns 7 5 . 0

Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns
75.00. During these years of part-time work, he will neither make deposits to nor take
withdrawals from his retirement account. Exactly one year after the day he turns 75.0 when he
fully retires, he will begin to make annual withdrawals of $158,911.00 from his retirement
account until he turns 87.00. After this final withdrawal, he wants $1.35 million remaining in his
account. He he will make contributions to his retirement account from his 26 th birthday to his
65 th birthday. To reach his goal, what must the contributions be? Assume a 4.00% interest rate.
Answer format: Currency: Round to: 2 decimal places.
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