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Make the handwriting clear please! 6. Your objective is to have $4,000,000 in an account that earns 8% annual return when you retire in 40
Make the handwriting clear please!
6. Your objective is to have $4,000,000 in an account that earns 8% annual return when you retire in 40 years. a) If you make an equal deposit at the end of every year to the account for the next 40 years, what is the annual deposit? Assume that your first deposit occurs at the end of next year. b) You retire after 40 years and have $4,000,000 in the account as planned. You expect to live for another 25 years after retirement. Assume that you leave the $4,000,000 in the account that continues to earn 8% annual return. You plan to make an equal withdrawal from the account every year for the next 25 years. The first withdrawal is made at the end of the first year after your retirement and the account balance would be depleted after you make the 25th How much can you withdraw at the end of each year for the next 25 yearsStep by Step Solution
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