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Please read the questions carefully You are working for a finance firm and a client comes to you and wants to know how much money
Please read the questions carefully
You are working for a finance firm and a client comes to you and wants to know how much money they should put in an annuity (which earns 4.48% interest compounded quarterly) at the end of each three months for the next 27 years. Their goal is that when they retire after 27 years, they want the quarterly withdrawals from the annuity to total $40,000 per year, and for the annuity to last for the next 15 years. A. Determine the amount which your client needs to deposit into the annuity at the end of every three months for the next 27 years so that they can meet their retirement goal. Show all your work that you used to answer this problem. Show your input variables when using the TVM solver and circle the variable you solved for. (10 points) B. Find the total amount of interest the client will earn (from the time they start contributing to the account to when they make the last withdrawal). Show how you arrived at the answer. (2 points) You are working for a finance firm and a client comes to you and wants to know how much money they should put in an annuity (which earns 4.48% interest compounded quarterly) at the end of each three months for the next 27 years. Their goal is that when they retire after 27 years, they want the quarterly withdrawals from the annuity to total $40,000 per year, and for the annuity to last for the next 15 years. A. Determine the amount which your client needs to deposit into the annuity at the end of every three months for the next 27 years so that they can meet their retirement goal. Show all your work that you used to answer this problem. Show your input variables when using the TVM solver and circle the variable you solved for. (10 points) B. Find the total amount of interest the client will earn (from the time they start contributing to the account to when they make the last withdrawal). Show how you arrived at the answer. (2 points)Step by Step Solution
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