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Please do not solve it in excel and show your works step by steps:) thank you for effort A man is planning to retire in
Please do not solve it in excel and show your works step by steps:) thank you for effort
A man is planning to retire in 15 years. Money can be deposited at 4% interest compounded quarterly, and it is also estimated that the future general inflation rate will be 6% compounded annually. What amount of end-of quarter deposit must be made each quarter until the man retires so that he can make annual withdrawals of $80,000 in terms of today's dollars over the 20 years following his retirement? (Assume that his first withdrawal occurs at the end of the first six months after his retirement.)Step by Step Solution
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