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Q6) A 35-year old industrial engineer (IE) plans on depositing $6,500, into a retirement investment account paying 8% annual interest, at the end of every

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Q6) A 35-year old industrial engineer (IE) plans on depositing $6,500, into a retirement investment account paying 8% annual interest, at the end of every year for the next 25 years starting at the end of this year. After the 25th investment, the engineer will make no more deposits. a) What will the IE's account balance be as of their last investment at EOY 25? (5 pts) b) Unfortunately, the IE will not be able to withdraw any retirement account money until EOY 30. The industrial engineer plans on withdrawing $85,000 at the EOY 30, and withdraw $85,000 at the end of every year thereafter, until the money in the account runs out. How many years to the nearest whole number of years) will the IE be able to make these $85K withdrawals from the account until the retirement account balance is zero? (5 pts) 24 25

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