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For your retirement you would like to receive the equivalent of $ 9 9 , 0 0 0 a year in today s dollars for

For your retirement you would like to receive the equivalent of $99,000 a year in todays dollars for a period of 30 years. You expect inflation to average 3 percent a year for the next 70 years. Yields (borrowing rates equal lending rates in this perfect market without taxes) are expected to be 5 percent until retirement and 4 percent during retirement. Your first retirement annuity is to be received 40 years from today and your first contribution to your retirement will be at the end of this year and will be made 40 times. You will also require $295,000(do not inflate) from your retirement funds in 10 years for an anniversary bash that you are planning. (Round "PV Factor" to 3 decimal places. Round other intermediate calculations and the final answer to the nearest whole dollar.)
Calculate the equal annual (40) contributions to your retirement fund required for this all to happen. Use Appendix A and Appendix C, Appendix D.
Annual contribution $

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