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Ms. Adam is 34 years old today. To accumulate money for her retirement, she wants to save in equal amounts monthly, deposited in a saving
Ms. Adam is 34 years old today. To accumulate money for her retirement, she wants to save in equal amounts monthly, deposited in a saving account, from the age 35 until age 65. Starting at the age 66 until age 90 she intends to withdraw $60,000 per annum from the accumulated amount in her saving account so that by age 90 no money will be left in her saving account. Assumed that annual interest rate is 5% throughout and first deposit will be made on her 35th birthday. Find her equal annual savings between her age of 35 and her age of 65
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