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Johnny B. Goode, a financial analyst at Berry Corporation, turned 25 years old today. He would like to be retired after his 60th birthday and
Johnny B. Goode, a financial analyst at Berry Corporation, turned 25 years old today. He would like to be retired after his 60th birthday and then withdraw $15,000 from his bank account at the end of each month for 20 years. How much cash does he need to have in his account today? Assume that his account earns 12% annual interest, compounding monthly, both before and after his retirement.
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