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Question 27 (9 points) Assume yesterday was your 20th year birthday. You plan to retire on your 60th year birthday. Assume that you will need
Question 27 (9 points) Assume yesterday was your 20th year birthday. You plan to retire on your 60th year birthday. Assume that you will need $50,000 dollars each year after your retirement, and assume that you would withdraw the first $50,000 from your retirement account one year after the day you retire. Hypothetically, you plan to withdraw $50,000 dollars each year during 25 years after your retirement. Starting from your 21th year birthday to your 60th year birthday, you plan to deposit annually the sam amount into your retirement account in order to have enough fund for your retirement. Assume interest rate is 6%. How much should be the amount you deposit annually into your retirement account? same A) $4130 B) $5178 C) $7158 D) $6130 E) $3178
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