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Please Solve without using Excel > Today is your 20th birthday, and you would like to start planning financially for your retirement; in particular, you
Please Solve without using Excel
> Today is your 20th birthday, and you would like to start planning financially for your retirement; in particular, you are considering an early retirement on your 55th birthday. Starting your 56th birthday, you would like to withdraw $50,000 per year for 30 years. To support your retirement needs, you will be depositing money into an investment account on an annual basis. Your first deposit will be on your 21st birthday, while your last deposit will be on your 55th birthday. The interest rate is expected to remain constant at 2% per year compounded annually. Calculate the amount of annual deposit needed to support your retirement needs. Show your calculationStep by Step Solution
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