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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 2 . 0

Derek plans to retire on his 65 th birthday. However, he plans to work part-time until he turns
72.00. 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 72.0 when he
fully retires, he will begin to make annual withdrawals of $190,488.00 from his retirement
account until he turns 89.00. He he will make contributions to his retirement account from his
26th birthday to his 65 th birthday. To reach his goal, what must the contributions be? Assume a
9.00% interest rate.
Answer format: Currency: Round to: 2 decimal places.
Derek plans to retire on his 65th bjrthday. However, he plans to work part-time until he turns
72.00. 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 72.0 when he
fully retires, he will begin to make annual withdrawals of $170,437.00 from his retirement
account until he turns 89.00. After this final withdrawal, he wants $1.73 million remaining in his
account. He he will make contributions to his retirement account from his 26th birthday to his
65 th birthday. To reach his goal, what must the contributions be? Assume a 5.00% interest rate.
Answer format: Currency: Round to: 2 decimal places.
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