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Starting from her 30th birthday (t=0), Miss Saver deposited some money each year in a savings account for the next 35 years. The first deposit
Starting from her 30th birthday (t=0), Miss Saver deposited some money each year in a savings account for the next 35 years. The first deposit of $1000 was made on her 30 th birthday, she made 35 deposits in total, and every subsequent deposit increased by 4%. After she retired on her 65 th birthday, she withdrew an equal amount each year from her savings account. The first withdrawal was made on her 65 th birthday. After the 30th withdrawal, her bank savings account became empty. Assuming the effective annual interest rate is 3%, compute the value of her annual from her bank saving account after she retired. Give your answer to the nearest integer. [7]
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