Question
Parker currently has nothing saved for his retirement, which will start in 3 years from today. Parker wants to receive 20,020 dollars per year for
Parker currently has nothing saved for his retirement, which will start in 3 years from today. Parker wants to receive 20,020 dollars per year for 7 years during retirement. The first of these 7 payments will be received in 4 years from today. Parker can earn a return of 4.59 percent per year on his investments. How much does Parker need to save each year for 3 years to have exactly enough to meet his retirement goal if he makes his first contribution to savings in one year from today and he makes his last contribution on the day that his retirement starts and all contributions are equal?
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