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Fatima is 34 years old now and would like to retire when she is 60 years old. She estimates that she will live until she
Fatima is 34 years old now and would like to retire when she is 60 years old. She estimates that she will live until she is 85 years old. In her retirement, she would like to receive income of QR 15,000 per month. a) If interest is 7% compounded annually during her retirement, how much money must Fatima have in her account at age 60 to allow her to withdraw QR 15,000 at the end of every month from age 60 to age 85? End/Beg P/Y C/Y N 1/Y PV PMT
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