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G M Now that he has graduated from college, Murray Hill wants to save for his retirement. He plans to make equal deposits at the
G M Now that he has graduated from college, Murray Hill wants to save for his retirement. He plans to make equal deposits at the end of each of the next 43 years into an account that he forecasts will earn 8% per year. At the end of the 43 years he plans to retire and move his money into a safer account that he forecasts will earn 4% per year. After he retires, Murray's goal is to withdraw $250,000 per year at the beginning of each retirement year. He believes he will live for 30 years after 1 he retires. 2 3 Required: How much should Murray deposit each year to exactly fund his retirement? 5 4 6 7 8
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