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Suppose your retirement plan is an annuity with a guaranteed return of 3% compounded monthly. (a) How much money needs to be in the account

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Suppose your retirement plan is an annuity with a guaranteed return of 3% compounded monthly. (a) How much money needs to be in the account when you retire in order to fund monthly withdrawals of $7000 for 30 years after retirement? (b) If you work for 40 years before retiring, how much should be deposited each month into the account in order to reach the amount you found in part (a)

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