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Today is Dec. 3 1 , 2 0 2 0 . Mark is planning to retire in 4 0 years from today and wants to
Today is Dec. Mark is planning to retire in years from today and wants to save some money to support his living for at least years, ie through after his retirement. Mark estimates that he will need $ each year from Jan. to Dec. Assume that the interest rate is and will be constant over time. Answer questions a and b below.
a Determine how much he needs to save by the end of b Suppose that Mark will start saving money one year from today by making annual installment deposits. How much per year, at the end of each year from does he need to save?
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