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Mr . Moore is 3 5 years old today and wants to set aside an equal amount at the end of each of the next
Mr Moore is years old today and wants to set aside an equal amount at the end of each of the next years so that he can retire at age He expects to live to the maximum age of and wants to be able to withdraw $ per year from the account on his st through th birthdays. The account is expected to earn pa for the entire period.
i What must be the balance in the account after years in order for Mr Moore to achieve his retirement objective?
ii Determine the size of the annual deposits that must be made by Mr Moore to achieve his retirement objective?
Answer both questions and explain.
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