Ms. Frank is planning for a 25-year retirement period and wishes to withdraw a portion of her savings at the end of each year. She plans to withdraw $10 000 at the end of the first year, and then to increase the amount of the withdrawal by $1000 each year, to offset inflation. How much money should she have in her savings account at the start of the retirement period, if the bank pays (a) 9%, (b) 71%, per year. compounded annually? Ans. (a) $175 152.28: (b) $205 435.72 2.32