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I cannot figure this out please use a financial calculator! or show all your work step by step. Derek plans to retire on his 65
I cannot figure this out please use a financial calculator! or show all your work step by step.
Derek plans to retire on his 65 th birthday. However, he plans to work part-time until he turns 70.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 70.0 when he fully retires, he will begin to make annual withdrawals of $103,435.00 from his retirement account until he turns 87.00. He he will make contributions to his retirement account from his 26 th birthday to his 65 th birthday. To reach his goal, what must the contributions be? Assume a 6.00% interest rateStep by Step Solution
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