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The answer should be $5,803.44 but I don't know how. You begin saving for your retirement through an annuity due that is deposited into a

The answer should be $5,803.44 but I don't know how. image text in transcribed
You begin saving for your retirement through an annuity due that is deposited into a mutual fund over the next 30 years ( 30 payments in total). Assume you leave your funds in this mutual fund throughout your lifetime and it earns 12% per year. Once you retire you expect to live for an additional 25 years. In retirement you would like to receive an ordinary annuity for these 25 years of $200,000 per year. How much must you deposit into this mutual fund annually in order to receive the retirement benefit you desire? Assume your money is left in the mutual fund earning 12% per year

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