Question
Ms Lucia Lannister has just graduated from university and has begun employment with the prestigious investment bank Salmon Sisters . Ms Lannister is 21 years
Ms Lucia Lannister has just graduated from university and has begun employment with the prestigious investment bank Salmon Sisters. Ms Lannister is 21 years old today and plans to retire on her 65th birthday. She wishes to live on $100,000 per year for 30 years after her retirement (with the first cash flow starting on her 65th birthday). Ms Lannister starts putting money into her retirement account each year, starting immediately, and continuing up to (and including) her 64th birthday. She expects to earn 8% p.a. compounded annually on her savings. The amount that Ms Lannister must deposit each birthday (over her working life) in order to reach her retirement goal would be closest to:
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