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Samantha just turned 40, would like to have an annual annuity of $20,000 paid over a 20 year period, the first payment occurring on her
Samantha just turned 40, would like to have an annual annuity of $20,000 paid over a 20 year period, the first payment occurring on her 66th birthday. How much must she save each year (end of year) for the next 25 years to have this annuity, if the investment will earn 12 percent compounded annually?
A. a. $1,600 | |
B. b. $924 | |
C. c. $1,120 | |
D. d. $944.10 |
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