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Dr. Johnson wants to withdraw $5000 at the end of the first year of his retirement and then increase it by $250 each year. If
Dr. Johnson wants to withdraw $5000 at the end of the first year of his retirement and then increase it by $250 each year. If he plans to retire in 15 years and the banks offer a 5% per year annual compounding on his savings how much money does he need to have in his account a the beginning of his retirement?
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