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P6-54 (similar to) Question Help Complex annuity payments) Mo, 28.a about to begin his career as a rocket scientist for a NASA contractor. As a

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P6-54 (similar to) Question Help Complex annuity payments) Mo, 28.a about to begin his career as a rocket scientist for a NASA contractor. As a rocket scientist, Mihouse knows that he should begin sing for direment immediately part of his inspiration came from reading an article on Social Security in Time. The article indicated that the ratio of workers paying tones torres collecting checks will drop dramatically in the future. In fact, the number wildrop to 2 workers for every retire in 2040 Mihorse's retirement plan allows him to make equal your contributions, and it pays 12 percent interestrualy. Upon retirement Mihouse plans to buy a new boat which he estimates will cost $300.000 in 49 years, which is when he plans to retire at age 65). He also estimates that in order to live comfortably he will require a yearly income of 575.000 for each year after he retires. Based on his family history Milhouse spects to live undlage 5 that is, he would like to receive 20 payments of 575.000 at the end of each year). When he retires, house wil purchase this boat in one sum and place the remaining balance into an account that pays 7 percent interest, from which he will withdraw his 575.000 per year. Nihone's first contribution is made one year from today and his last is made the day he retires, how much money must he contribute each year to his rarement fund? How much money should Mihouse have in the retirement fund to achieve the goal when he retires? Round to the recent.) Enter your answer in the answer box and then click Check pert roman Clear Checker P6-54 (similar to) Question Help Complex annuity payments) Mo, 28.a about to begin his career as a rocket scientist for a NASA contractor. As a rocket scientist, Mihouse knows that he should begin sing for direment immediately part of his inspiration came from reading an article on Social Security in Time. The article indicated that the ratio of workers paying tones torres collecting checks will drop dramatically in the future. In fact, the number wildrop to 2 workers for every retire in 2040 Mihorse's retirement plan allows him to make equal your contributions, and it pays 12 percent interestrualy. Upon retirement Mihouse plans to buy a new boat which he estimates will cost $300.000 in 49 years, which is when he plans to retire at age 65). He also estimates that in order to live comfortably he will require a yearly income of 575.000 for each year after he retires. Based on his family history Milhouse spects to live undlage 5 that is, he would like to receive 20 payments of 575.000 at the end of each year). When he retires, house wil purchase this boat in one sum and place the remaining balance into an account that pays 7 percent interest, from which he will withdraw his 575.000 per year. Nihone's first contribution is made one year from today and his last is made the day he retires, how much money must he contribute each year to his rarement fund? How much money should Mihouse have in the retirement fund to achieve the goal when he retires? Round to the recent.) Enter your answer in the answer box and then click Check pert roman Clear Checker

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