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Hello, Can I get the answer for this question in detail as excel or written. Do not copy answer from similar problem, numbers are changed
Hello, Can I get the answer for this question in detail as excel or written. Do not copy answer from similar problem, numbers are changed and it will be uploaded to Turnitin. Thanks!
Problem 4 (20 points) Ramzi wishes to save money to provide for his retirement. He is now 30 years old and will be retiring at age 64 . Beginning one month from now, he will begin depositing a fixed amount into a retirement savings account that will earn 12% compounded monthly. Then, one year after making his final deposit, he will withdraw $100,000 annually for 25 years. He also expects his rich uncle to leave him in 10 years with an inheritance of $50,000 that he will use for his retirement plans. In addition, to providing for his retirement, he would like to buy a house and a car. The car he wants to buy in 5 years will cost 15,000 , and the house will cost 250,000 and will be bought when he is 50 years old. After he passes away (assuming he lives 25 years after retirement) he also wishes to leave in the fund a sum worth $1,000,000 to his nephew who is under his charge The fund will continue to earn 12% compounded monthly. How much should the monthly deposits be for his retirement planStep by Step Solution
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